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

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Another Fine Mess North America 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, US regulators levied $4.3 billion in fines, up 186% from the same analysis period before. Eighty-six percent (86%) of the total fines (in $) issued by US regulators were aimed at EMEA-headquartered financial institutions for violations against sanctions programs. This focus on foreign banks illustrates the geopolitical climate in the US where trade wars have led to sanctions programs being implemented against Iran, North Korea, Sudan, Myanmar, Libya, Cuba and more.

Key Enforcement Trends:

  • The average fine value issued by US regulators to foreign banks was 10 times higher (in $) than those issued to domestic banks
  • The biggest single fine amounted to $717.2 million, issued by the DoJ to a Tier 1 French bank as part of a multi-authority settlement

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