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Another Fine Mess APAC Edition: A Research Report on Financial Institution Fines and Enforcement Actions

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Another Fine Mess APAC Edition: A Research Report on Financial Institution Fines and Enforcement Actions

Fenergo has published its latest analysis of global and regional regulatory fines for AML, KYC, sanctions, MiFID, and data privacy violations against financial institutions. The results outline trends in regulatory fines since the last report in 2018 and draw comparisons with activity from the previous 12 years.

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.

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

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Global Research Report on Financial Institution Fines and Enforcement Actions

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