Global regulators are continuing to fine companies for anti-money laundering failings at a high rate in the UK and EU, as watchdogs put pressure on the financial industry to stiffen its defenses against crime. In the first six months of 2021, authorities levied almost $1bn ($994m) of AML fines in 17 big actions. That is on track to match the surge to $2.2bn in 2020.
The fines mainly relate to shortcomings in AML management, inadequate suspicious activity monitoring, and customer due diligence. Regulators are resorting to harsher punishments and even criminal proceedings for those it deems to have fallen short, after years of warnings.
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