Fenergo’s annual Regulatory Fines Report on Financial Institution Enforcement Actions examines the trends and events in North America and the world that triggered a 27% increase in penalties to financial institutions and their employees during 2020.
Fines in the United States continued to rise during 2020, up 67% from 2019. The greater part of the $4.4 billion worth of fines issued by US regulators ($2,573,388,000) was charged to Goldman Sachs. The majority of enforcement actions were related to AML/BSA and sanctions breaches while regulators demonstrated force to financial institutions for largescale tax evasion.
Key findings include:
- Total penalties issued by US regulators amounted to $4.4 billion
- Goldman Sachs was the most heavily fined financial institution receiving $6.8 billion in enforcement actions
- 17 individuals were fined $60.7 million for AML/BSA-related regulatory violations