Tag: fines

The critical role of risk assessment in preventing financial crime

With the industry's focus on rapid growth and market domination, the critical role of risk assessment in preventing money laundering, terrorist financing, and other illegal activities is frequently sidelined. This negligence can lead to severe consequences, including regulatory fines and reputational damage, ultimately impeding a company's ability to compete.

Rising tide of regulatory fines hits $5.65bn: Insights from Corlytics’ latest...

Global enforcement fines have hit a staggering $5.65bn in the third quarter of 2023, according to a report released by Corlytics.

Citigroup, Goldman Sachs slapped with large fines for recordkeeping failures

Goldman Sachs and Citigroup Global Markets have been fined $5.5m and $2.9m respectively for substantial recordkeeping failures.

The SEC and CFTC crack down: Record-keeping fines soar beyond $2.5bn

Theta Lake recently provided a deeper look into the high level of fines that are being aimed at financial institutions. 

FCA fines AI Rayan Bank £4m for AML failings

The UK’s Financial Conduct Authority (FCA) has fined another financial institution for anti-money laundering (AML) failings.

Small firms could be next for off-channel communication fines

RegTech company SteelEye has warned that small companies will soon be in the firing line for fines for failing to comply with off-channel communication.

5 US investment banks face $1bn in fines

Five US investment bank giants are reportedly faced with $1bn in fines for failing to monitor employees using unauthorised messaging apps.

Payment Systems Regulator fines five companies in prepaid card cartel

The UK’s Payment Systems Regulator (PSR) has issued fines to Mastercard, allpay, Advanced Payment Solutions, Prepaid Financial Services and Sulion.

FCA slapped UK finance firms with £568m in fines in 2021

During a year of heightened financial crime, the Financial Conduct Authority (FCA) handed out £568m in fines during 2021.

Annual GDPR fines exceed €1bn for first time

Annual General Data Protection Regulation (GDPR) fines exceeded €1bn for the first time since the regulation was implemented in 2018, Atlas VPN claims.

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