Global fines for failing to prevent money laundering and other financial crime surged more than 50 per cent last year, fuelling warnings that such penalties are not curbing the behaviour and systems flaws that allow criminals to channel money through the global financial system.
Banks and other financial institutions were fined almost $5 billion (€4.63 billion) for “anti-money laundering” infractions, breaching sanctions and failings in their “know your customer” systems in 2022, bringing the total since the global financial crisis to almost $55 billion, data from compliance firm Fenergo shows.