Another Fine Mess: Financial Institution Fines and Enforcement Actions for 2019 | APAC Edition

Fenergo has published its latest analysis of global and regional regulatory fines for AML, KYC, sanctions, MiFID, and data privacy violations against financial institutions. 

Key Enforcement Trends:

  • FATF activity, including on-site visits and ongoing action plan reviews, may have contributed to enforcement actions in Taiwan and Pakistan
  • There were two fines issued for data privacy violations in 2019, one in Hong Kong and one in Taiwan
  • Fines issued in Australia were low when compared to previous years. In 2018 the regulator issued $534 million in fines, and in 2019 sanctions amounted only $173,011
  • India was the country with the highest fines (in $ and number), with $1.67 million in 12 fines by the Royal Bank of India
Between October 2018 and December 2019, fines from APAC regulators amounted to just 0.07% of all global fines at $7.46 million. A total of 35 fines were issued by regulators in Hong Kong, India, Pakistan, Australia and Taiwan.
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Download Another Fine Mess: Financial Institution Fines and Enforcement Actions for 2019 | APAC Edition