20.01.2020. Anti-money laundering fines in 2019

Company News

$8.14bn was total handed out in fines globally in 2019.
USA and UK financial regulators lead the way in anti-money laundering (AML) penalties collectively accounting for more than 30% of the total fines
USA regulators were most active, handing out 25 penalties totaling $2.29bn, than the UK with 12 fines totaling $388.4m.
The largest single monetary fine was $5.1bn in France- to Swiss bank UBS after it was found guilty of illegally soliciting clients and laundering the proceeds of tax evasion.
Both USA and UK regulators were fined Standard Chartered for poor money-laundering controls and breaching sanctions against countries including Iran.
Fines were handed down by regulators across multiple jurisdictions beyond the USA and UK: these include Belgium, Bermuda, France, Germany, Hong Kong, India, Ireland, Latvia, Lithuania, the Netherlands, Norway and Tanzania.
Half of money laundering penalties given out in 2019 were to banks (28 of 58), compared to two-thirds in 2018 (20 of 29).
Historically, the majority of these fines have been given to banks, but in 2019 the proportion was less than half, demonstrating that money laundering is now recognized as a general business issue, not just one that is specific to financial services.