According to regtech firm Steeleye, global fines against financial services firms surged in 2023. This was led by US regulators, and particularly by a record year for the US Commodity Futures Trading Commission (CFTC).
"The findings suggest watchdogs are maintaining their aggressive attitude to enforcement actions and expanding beyond the large tier-one banks and headline-grabbing fines," said Matt Smith, CEO and co-founder of SteelEye. "With fines a growing threat to firms of all sizes, it's crucial they invest in the necessary measures — not least looking to harness machine learning and artificial intelligence — to reduce the growing due diligence skills gap and, ultimately, avoid the risk of further imposed penalties in 2024."
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