AML FINES RISE – BUT HOW EFFECTIVE ARE THEY?
October 27th, 2023
Anti-money laundering fines worldwide are expanding fast, say researchers, but assessments of whether this reduces and deters money laundering or just feed government coffers are not yet conclusive. According to Ireland-based international compliance firm Fenergo, AML/CFT fines worldwide – levied on organisations failing to operate legally mandated AML/CFT controls - increased 52% year-on-year in 2022, totalling USD4.1 billion, compared to USD2.7 billion in 2021. As often in the past, the US imposed the most penalties, USD37 billion, with USD11 billion imposed ...
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