Between October 2018 and December 2019, European regulators issued a grand total of $5,7 billion in 43 AML and KYC fines and GDPR, over three times as much in USD as the entire previous decade. The research shows no fines issued by Middle Eastern regulators during the analysis period. However, financial institutions headquartered in the UAE and Israel received $235 million in fines by US regulators. In Africa, regulators in Tanzania and South Africa have issued several enforcement actions to both domestic and non-domestic financial institutions relating to AML and KYC breaches.
Key Enforcement Trends:
- European regulators imposed the highest amount in fines by monetary value, issuing $5.7 billion in total
- EMEA-based financial institutions received 97% of all fines globally
- The UK issued the largest MiFID I-related fines, totaling $81.6 million
- GDPR fines were issued for the first time to financial institutions in 2019, with 10 fines-imposed totaling in excess of $1m