23rd October 2019
Anti-Money Laundering Fines 2019
2019 is set to be a record year for global anti-money laundering fines as criminal activity continues to threaten the financial landscape and regulatory changes from 2018 (and previous years) begin to take effect.
Research from mid-2019 revealed that, from January to April 2019, authorities handed out around $7.7 billion in AML fines – up from $1.16 billion for the same time frame in 2018, and over 70% of the sum total of fines imposed during the entirety of 2014 ($10.89 billion), the current record-holding year.
The number of fines issued between January and April 2019 amounted to approximately two-thirds less than that of 2018. However, while the number of fines decreased in 2019, the value of those fines increased significantly.
The value of fines in 2018 was $4.27 billion – January to April 2019 was almost double that. While banks continue to receive the majority of fines, the regulatory focus on other sectors, such as gaming and cryptocurrency, is growing.