A recent report from Corlytics, a regulatory risk intelligence firm, noted a surge in global enforcement fines from $1.5 billion and $2.27 billion in the first and second quarters of 2023, respectively, to $5.65 billion in the third quarter. Over 85% of these fines were imposed by US regulators.
The penalties were primarily related to deficiencies in risk management, anti-money laundering practices (AML), data protection, and employee conduct. "Regulators have been developing tools and frameworks specifically designed to assess and improve conduct and ethics," Corlytics wrote. "Financial services, in their turn, have started to acknowledge that the quality of consumer services is directly impacted by internal ethics, internal behaviour."
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