Fenergo released its findings on financial institution fines which shows that in December 2019 global penalties totalled $36 billion for non-compliance with Anti-Money Laundering (AML), Know your Customer (KYC) and sanctions regulations.
Fines related to AML, KYC and sanctions violations increased in the 15 months since the last report by 160% as the ramifications from the global financial crisis bear a significant impact. The 2019 report also includes fines for Markets in Financial Instruments Directive (MiFID) and data privacy regulations such as Global Data Protection Regulation (GDPR) to the value of $82.7 million.
12 of the world’s top 50 banks were fined for non-compliance with AML, KYC and sanctions violations in 2019. By country, Switzerland was the biggest offender after a tier one Swiss bank received the biggest single fine at $5.1 billion for AML breaches by the French Criminal Court. The fine exceeds the bank’s 2018 net profit of $4.9 billion by 4%. Italian banks were the second biggest offenders in 2019, racking up almost $1.5 billion in total fines for sanctions violations and GDPR breaches.
In today’s climate there is no other option but to leverage next generation technology to achieve a more effective and streamlined approach to regulation that allows financial institutions to approach regulatory compliance in a ‘business as usual’ manner. This will leave room for more value-add tasks that will achieve competitive edge in the race to win on customer experience.”
See original source: Paymentcards & Mobile, by Alex Rolfe
KYC, AML,... Digital Identity ... PSD2 ... It is not easy to know what needs to be done in all those norms and rules. As we see, it is one of the current and most important tasks that everyone solves, not only in the world of payments.
We are glad that we have invested time in the right direction and will be happy to help others with KYC, AML, PSD2, DIGITAL ACQUIRING. www.pmgc.eu