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
