In 2021 alone, the financial sector received $5.4 billion in penalties for non-compliance with AML, KYC and data privacy regulations.
The United Nations Office on Drugs and Crime (UNODC) estimates that the global cost of money laundering consists of 2-5% of global GDP. Between 800 billion and $2.4 trillion of illegal money is laundered annually, of which only an estimated 1% is detected. As a result, 10% of all Suspicious Activity Reports (SARs) that are filed by financial services institutions lead to further investigations by authorities
The banking industry has the legal obligation to comply with regulations that demand Due Diligence by implementing Know-Your-Customer (KYC), Anti-Money-Laundering (AML), Counter-Terrorist Financing (CTF), Data Privacy and Fraud Detection programs. Unfortunately, over the past decade we have seen major banking scandals that have damaged the reputation of the banking sector in an industry that is already facing challenges around innovation and a growing competition from fintech companies.
Regulators in the US, the EU and the UK have imposed heavy fines on banks for their failure to detect and prevent fraudsters, money launderers, terrorist and criminal organizations from abusing their system to launder millions in illegally obtained funds.
This eBook includes 7 AML Case Studies:
Danske Bank
Standard Charter Bank
ING Group
Deutsche Bank
ABN AMRO
NatWest HSBC
Capitol One
What can we Learn from 7 Major Banking Scandals? Strengthen your compliance team with key learning from some of the most volatile compliance issues to make the press. We take a look at real life AML breaches and analyze seven cases where compliance went wrong.
- Why are AML fines on the rise?
- Analyzing AML breaches and what went wrong
- How to avoid Anti-Money-Laundering fines
- What every compliance team should learn from these breaches
I wrote this interesting 30+ pages eBook for Regtech company Sentinels, which has been acquired by Fenergo.
Unfortunately, Fenergo discontinued the free eBook download page.