Kroll, a provider of data, technology and insights related to risk, governance and growth, has found that whilst anti-money laundering (AML) continues to dominate global financial crime regulation, enforcement activity is slowing as attention turns from banks to other financial institutions.
The findings come from Kroll’s annual Global Enforcement Review 2022, which shows that, globally, the value of fines issued to financial services firms for AML failings reached a new recent low of USD1.6 billion in 2021, compared to USD2.2 billion in 2020 and representing just half of the peak figure of USD3.3 billion achieved in 2018.
Meanwhile, in an emerging trend, 2021 saw US regulators impose further fines for AML-related infringements on cryptocurrency businesses—with one notable case seeing a cryptocurrency exchange, being fined USD100 million by the US Financial Crimes Enforcement Network, FinCEN.
