![]() ![]() ![]() Global financial crime spiked in 2020 as social distancing requirements accelerated the shift to digital transactions.Īnd financial criminals took advantage of the record stimulus flowing through global economies to conceal money-laundering activities.Īs incidents increased, regulators ramped up enforcement and dished out record fines-like Australia-based bank Westpac's $900 million AML penalty. Why the spike? Pandemic-induced lockdowns last year created fertile breeding ground for nefarious actors-and regulators seemingly stepped up their game to clamp down on the spike in financial crime. This outstripped the historic leader in enforcements, the US-which issued $404.8 million. Australian and Swedish regulators imposed $917.2 million and $559.3 million in fines, respectively.Regulators issued 45 fines this year, but the total cost increased fivefold. ![]() The data: While the number of fines enforced by regulators remained the same year over year, the size of the fines spiked-and Sweden and Australia led the way. ![]()
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February 2023
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