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Historical high in regulatory fines - $6.6 billion globally.


2023 was a historic year for financial institution (FI) enforcement actions, soaring to $6.6 billion globally.

Compared with 2022, Fenergo's research highlighted a 57% increase in global enforcement action values issued to FIs, but the market trends driving regulatory penalties are what made the year so remarkable.

For the first time on record, regulators issued more fines to digital payments and crypto firms than to the traditional financial sector for compliance breaches.

In 2023, ‘traditional’ financial groups account for just 10% ($835 million) of penalties issued for violations of Know Your Customer (KYC), Anti-money Laundering (AML), customer due diligence (CDD), Sanctions, and Environmental, Social and Governance (ESG) regulations globally.

One thing is clear: in 2023, there was a significant shift in the regulatory focus, and this trend is expected to continue.

The rules for traditional and digital financial services are evolving drastically across every primary jurisdiction as regulators and governments race to respond to emerging financial crime risks and an increasingly digitalised financial industry.

In this report, FENERGO delve into the record-breaking global enforcement actions that emerged in 2023 and the factors driving year-on-year changes in the types, volumes, and severity of breaches recorded across the different regulatory jurisdictions.

Download the report to gain insight into:

  • Which regulatory regions were the most punitive on AML breaches in 2023
  • The most prevalent shortcomings causing FIs to face regulatory scrutiny
  • How compliance frameworks must change to meet evolving standards in 2024

Please click here for fines report



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