Rachel Woolley, global director of Financial Crime at Fenergo, tells FinTech Futures that penalties have come “fast and furious” over the past few years.
Fenergo data shows that fines against financial institutions through July 2020 have reached $5.6 billion.
The charges account for anti-money laundering (AML), know your customer (KYC), and general compliance failings.
2020 has seen fines for Commerzbank (£37.5 million), SEB ($107 million), and Signet Bank (€1 million). Westpac and HSBC have disclosed AML issues in Australia.
