Financial institutions’ AML and KYC fines down 30% but up in APAC

Credit: iStock/Olga Ihnatsyeva

Global financial institutions have been fined $5.6bn for non-compliance with anti-money laundering (AML), know your customer (KYC) and sanctions regulations in the first seven months of 2020, according to regulatory technology firm Fenergo. This is down 30% on the same period last year, but the company expects full-year fines to equal or exceed 2019’s $8.4bn total. Fenergo said financial institutions…

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