Global fines for AML/CFT related issues increase in 2022

Credit and financial institutions were fined almost USD 5bn in 2022 for anti-money laundering (AML) issues, sanctions breaches and deficiencies in their know your customer (KYC) systems, bringing the total since the global financial crisis to almost USD 55bn, according to Financial Times.

Fines usually come several years after infractions, so the latest figures do not capture financial institutions caught offside by the plenitude of sanctions introduced in the wake of Russia’s assault on Ukraine last year.

In this alert, you will read more about the anti-money laundering failures from US and European banks, conclusions, and how Deloitte can help.