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Global AML Fines Surged 50% in 2022

Global AML Fines Surged 50% in 2022

by Starling Insights

Starling Insights Editorial Board

Feb 07, 2023

Observations

Limits of Compliance The Costs of Misconduct AML/CFT The Era of Accountability Personal Liability & Accountability

In 2022, banks and financial institutions were fined a total of $5 billion globally for failing to prevent anti-money laundering and other financial crime, a 50% increase over the prior year, research from one regtech firm suggests. This has fueled warnings that fines may be insufficient for curbing misconduct and driving change.

"There's a lot of evidence, particularly in the UK and the US, in terms of recidivism . . . repeat offending by the big firms after they've been fined for things," said Huw Macartney, a professor at the University of Birmingham. In his view, companies typically put ample resources into compliance and monitoring following a fine, but remediations are not adequately enforced within the firm or by regulators.

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