Fenergo’s annual Regulatory Fines Report on Financial Institution Enforcement Actions examines the trends and events in Asia-Pacific and the world that triggered a 27% increase in penalties to financial institutions and their employees during 2020.
The results showcase that fines in APAC amounted to $5.2 billion – almost half the total amount of fines issued in the world throughout the year. This was largely because of the huge multiple jurisdiction fines levied against Goldman Sachs and the $1 billion penalty to a large Australian bank.
Key findings include:
- APAC fines increased from $6.6 million in 2019 to $5.2 billion in 2020
- Malaysian regulators issued two of the world’s highest fines totalling $3.9 billion
- Major Australian bank fined almost $1 billion for a money laundering scandal
