The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

AML and Crypto Fines Surge to £4bn in Regulatory Crackdown

n-img-aml

The global AML fines surged 53% in 2022, while crypto fines rose over 90% as regulators cracked down on financial misconduct. 

The financial institutions were fined nearly $5bn (£4.04bn) in 2022. According to Rory Doyle, Fenergo’s financial crime policy manager, the hop was connected to a massive upsurge in fines levied at crypto companies. The fines associated with the sanctions-busting commodity trading in the wake of the Russian invasion of Ukraine and the settling of legacy problems.

The figures for 2022 included a $2.1bn (£1.7bn) fine issued to Danske Bank by the US Department of Justice in December, the largest AML fine issued in history. While the fines increased globally, the UK anti-money laundering fines fell from $436.5 million to $188.2 million the year before. 

However, the number of fines issued tripled, with 14 fines issued in the UK in 2022, compared to just 4 in 2021. FCA (Financial Conduct Authority) reported Santander’s largest fine of a $132 million penalty. 

The Fladgate partner Douglas Cherry revealed that the FCA’s approach was changing over issuing AML fines to focus more on individuals. 

“In the FCA world here in the UK we are seeing an increased focus on individuals with responsibility for anti-money laundering compliance through investigations and enforcement fines and/or prosecutions in very serious instances of the breach,” he said.

Five of fourteen fines issued this year by the FCA were to specific individuals, up from none the previous year. 

The fines to individuals increased 89%, largely due to crypto-related fines. From $16.5 million in 2021 to $31.2 million in 2022. The trading commodity futures trading commission experienced the largest individual penalties issued to the three co-founders of the crypto exchange BitMEX, summing to $30 million for anti-money laundering and other violations. 

The total fines of crypto firms and their employees surged 92% to $193 million. Doyle, the crime policy manager said, “Crypto firms need to get their houses in order… as they don’t have the liquidity to deal with large fines.” 

“While we are seeing a higher standard of compliance across established financial institutions, the crypto industry has a lot of catching up to do.”

While talking about the crypto fines, Doyle drew attention towards Russian sanctions on the year’s figures, he also revealed that the sanctions will persist to be a subject in the future.

“Prior to the Russian invasion of Ukraine, vast amounts of Russian wealth were channelled into global financial centres including London.”

“This wealth belongs to individuals who may now be sanctioned and unless financial institutions have a robust verification of beneficial owner policy that can identify and block any sanctioned individuals and entities, we can be certain to see more billion-dollar penalties in the future,” Doyle said.

Suggested Read:

Bulgarian Prosecutors Investigate Crypto Lender Nexo for Alleged Illegal Activities

UAE Issues a Total of $11 Million in Fines for AML Offences in First Half of 2022

Britain’s FCA Fines Ghanaian Bank for Insufficient AML Regulations

Related Posts

News

Westpac Proven Guilty of Breaching Money Laundering Laws after Commonwealth Bank

Westpac was accused of violating the money laundering laws and counter-terrorism financial allega...

Westpac Proven Guilty of Breaching Money Laundering Laws after Commonwealth Bank Explore More

News

Vietnam’s New Legislation on E-Transactions Will Take Effect on July 2024

The National Assembly of Vietnam passed the new e-Transaction law replacing the previous one, No....

Vietnam’s New Legislation on E-Transactions Will Take Effect on July 2024 Explore More

News

Ireland Seizes More than €1m Cryptocurrency from Money Laundering Syndicate

Ireland seized over €1m in cryptocurrency as a part of an investigation against national and inte...

Ireland Seizes More than €1m Cryptocurrency from Money Laundering Syndicate Explore More

News

Crypto Adoption on the Rise, PayPal will Offer Crypto Payments in 2021

In the digital era, companies are shifting toward digital means of communication. Banks have plan...

Crypto Adoption on the Rise, PayPal will Offer Crypto Payments in 2021 Explore More

News

Australian Government to Extend AML and CTF Regime

The Australian Government has initiated a consultation on revising the Anti-Money Laundering (AML...

Australian Government to Extend AML and CTF Regime Explore More

News

Guyana Strengthens Judicial Officers Ability to Combat Financial Crime

Guyana’s government started asset recovery training for the judicial officers to boost their capa...

Guyana Strengthens Judicial Officers Ability to Combat Financial Crime Explore More

News

Central banks urged to introduce digital alternatives to cash

According to a recent report from Positive Money, Central banks across the globe should issue a d...

Central banks urged to introduce digital alternatives to cash Explore More

News

UAE police show how fraudsters can access your bank account

Abu Dhabi Police has alerted people against the download of unknown apps so they can secure their...

UAE police show how fraudsters can access your bank account Explore More

News

Central Bank of Bangladesh Concerns Over Data Submission Delays and Abnormalities

The Central Bank of Bangladesh has raised concerns over licensed bank dealers for late submission...

Central Bank of Bangladesh Concerns Over Data Submission Delays and Abnormalities Explore More

News

NAB Updating KYC Data of 9M Customers

Project Apollo has been initiated by NAB in an attempt to meet AML obligations.  In August 2021, ...

NAB Updating KYC Data of 9M Customers Explore More

News

National Assembly Passes Revised AML Law and Thrift Practice Resolution

The National Assembly (NA) has passed the revised law on Money Laundering Prevention and Control ...

National Assembly Passes Revised AML Law and Thrift Practice Resolution Explore More

News

Russians Turn To Crypto As the West Imposes Financial Sanctions

Data has shown that Russians are turning towards transactions in cryptocurrency as a result of we...

Russians Turn To Crypto As the West Imposes Financial Sanctions Explore More

News

EU Money Laundering Overhaul Should Include NFT Platforms, Lawmakers Say

The two crypto legislation adopted last week did not include unhosted wallets and decentralised f...

EU Money Laundering Overhaul Should Include NFT Platforms, Lawmakers Say Explore More

News

Australia Lags Behind in Extending FATF’s AML/CFT Recommendations to DNFBPs

Australia is sending a signal to welcome global financial criminals for business in its lawyers, ...

Australia Lags Behind in Extending FATF’s AML/CFT Recommendations to DNFBPs Explore More

News

The number of Bitcoin ATMs has increased to 8,000

The total number of Bitcoin ATMs across the world have crossed 8,000. The United States has more...

The number of Bitcoin ATMs has increased to 8,000 Explore More

News

China Pledges “Zero Tolerance” for Financial Fraud

Top financial regulators in China pledged to introduce stricter controls following the recent dis...

China Pledges “Zero Tolerance” for Financial Fraud Explore More

News

UAE Imposes Fines Exceeding Dh115 Million to Combat Money Laundering in Q1 of 2023

The UAE has imposed a monetary penalty of Dh115 million ($31.3M) in the first quarter (Q1) of 202...

UAE Imposes Fines Exceeding Dh115 Million to Combat Money Laundering in Q1 of 2023 Explore More

News

Australian Law Council Reports Practitioners Successfully Mitigating Money Laundering Risks

The Australian Law Council claimed they noticed in the survey that lawyers uphold rigorous regula...

Australian Law Council Reports Practitioners Successfully Mitigating Money Laundering Risks Explore More

News

EU Proposes New AML Agency For Addressing Money Laundering

The EU document has been proposed to introduce tough action against money laundering in the regio...

EU Proposes New AML Agency For Addressing Money Laundering Explore More

News

A Brussel Led Crackdown to be Held in Britain if EU Demands are not Met

MEPs have ordered Brussels to black-list the city of London if it does not comply with the EU’s D...

A Brussel Led Crackdown to be Held in Britain if EU Demands are not Met Explore More

News

Pandora Papers Update: Offshore Havens and Money Laundering Scandals Exposed

The Pandora Papers expose 35 world leaders, 300 public officials and 100+ billionaires, thus prov...

Pandora Papers Update: Offshore Havens and Money Laundering Scandals Exposed Explore More

News

EFCC Urges DNFBPs to Align Operations with Newly Enacted Money Laundering Prohibition and Prevention Act 2022

EFCC has called on designated non-financial businesses and professions to conduct their dealings ...

EFCC Urges DNFBPs to Align Operations with Newly Enacted Money Laundering Prohibition and Prevention Act 2022 Explore More

News

Financial Crimes Surged Amid COVID-19, Says FATF

Financial Action Task Force (FATF) speaks up about the adverse effects of COVID-19 on financial r...

Financial Crimes Surged Amid COVID-19, Says FATF Explore More

News

Home Office Reveals 20% of UK Businesses are Affected by Fraud

An extensive survey of thousands of businesses between 2018 and 2022 determined that one in five ...

Home Office Reveals 20% of UK Businesses are Affected by Fraud Explore More

News

HSBC Fined £64m for “Unacceptable AML Failings”

HSBC was fined by the UK’s financial regulator for ‘deficient transaction monitoring controls’. W...

HSBC Fined £64m for “Unacceptable AML Failings” Explore More

News

Conveyancers Used for Laundering Millions of Pounds across the UK

Government warns that hundreds of millions of pounds are being laundered by criminals across the ...

Conveyancers Used for Laundering Millions of Pounds across the UK Explore More

News

The Financial Intelligence Analysis Unit Levies Fines Worth €2.2 Million in the First Half of 2023

The Financial Intelligence Analysis Unit fined €2.2 million in the first half of 2023. A constitu...

The Financial Intelligence Analysis Unit Levies Fines Worth €2.2 Million in the First Half of 2023 Explore More

News

Colombia Releases New Regulations For Crypto Firms Operating in the Country

The Colombian government passed new drafts for the local crypto organisations to continue operati...

Colombia Releases New Regulations For Crypto Firms Operating in the Country Explore More

News

ASIC Expands its Team to Enhance Cryptocurrency Regulations

Australia’s financial regulator has enhanced the size of its crypto team. The crypto regula...

ASIC Expands its Team to Enhance Cryptocurrency Regulations Explore More

News

FinCEN Highlights That AML/CFT Regulation Requires Transformation to Fight Modern Crimes

The acting director of FinCEN has highlighted the fact that the existing AML/CFT regulatory frame...

FinCEN Highlights That AML/CFT Regulation Requires Transformation to Fight Modern Crimes Explore More

News

Swedbank cuts former CEO’s Golden Parachute over Money-Laundering

STOCKHOLM – Swedbank has canceled the severance pay of former CEO, Birgitte Bonnesen after ...

Swedbank cuts former CEO’s Golden Parachute over Money-Laundering Explore More

News

The US Securities and Exchange Commission Identifies AML Failures of US Brokerage Firms

The Securities and Exchange Commission (SEC) has reported that compliance reviews of US brokerage...

The US Securities and Exchange Commission Identifies AML Failures of US Brokerage Firms Explore More

News

US DOJ Arrests Two in Alleged NFT Money Laundering, Rug Pull Scheme

The US Department of Justice has arrested two in a $1.1 million non-fungible token fraud and mone...

US DOJ Arrests Two in Alleged NFT Money Laundering, Rug Pull Scheme Explore More

News

$2 Trillion Moved and Now Banks Resist Money Laundering Orders

According to the ICIJ journalist, BuzzFeed shared some documents disclosing the attitude of finan...

$2 Trillion Moved and Now Banks Resist Money Laundering Orders Explore More

News

Man Sentenced to 5 Years in Jail for Laundering $2.6M Through BTC ATMs

UK law enforcement authorities recently sentenced a 22-year-old man named Bazyli Rymarz to 5 year...

Man Sentenced to 5 Years in Jail for Laundering $2.6M Through BTC ATMs Explore More

News

EU Strengthens Capacity of CSOs to Combat Money Laundering & Improve Governance

The European Union (EU) is working on boosting the capacity of more than 200 Civil Society Organi...

EU Strengthens Capacity of CSOs to Combat Money Laundering & Improve Governance Explore More

News

Experts Warn that Scammers are Exploiting EU Users on Meta’s Threads

Meta’s Threads app has become the newest platform for cyber scammers to commit identity theft, cr...

Experts Warn that Scammers are Exploiting EU Users on Meta’s Threads Explore More

News

U.K. Parliament Introduces New Online Safety Bill to Curb Push Payment Fraud

The UK Parliament introduces a new Online Safety Bill, to mitigate push payment fraud and increas...

U.K. Parliament Introduces New Online Safety Bill  to Curb Push Payment Fraud Explore More

News

Digital euro successfully tested at the Bank of France

On May 20, Banque de France announced that France has become the first country to successfully te...

Digital euro successfully tested at the Bank of France Explore More

News

Taiwan FSC to Ease Authentication Rules through Biometric Verification

According to new rules, banks will be using biometric authentication methods to fulfil ID authent...

Taiwan FSC to Ease Authentication Rules through Biometric Verification Explore More

News

Australian Gold Company, The Perth Mint, Accepts Voluntary Undertaking to Avoid AML Fines

The Australian gold corporation, the Perth Mint, escaped penalties for inadequate compliance syst...

Australian Gold Company, The Perth Mint, Accepts Voluntary Undertaking to Avoid AML Fines Explore More

News

Money Laundering Via Trade Has Drastically Fallen, Says Association of Bankers Bangladesh

On May 22nd, the Association of Bankers, Bangladesh (ABB) reported that trade-based money launder...

Money Laundering Via Trade Has Drastically Fallen, Says Association of Bankers Bangladesh Explore More

News

South Korea Seizes $47M Worth of Crypto from Tax Evaders

South Korean officials have seized $47 million in cryptocurrency from 12,000 individuals accused ...

South Korea Seizes $47M Worth of Crypto from Tax Evaders Explore More

News

UAE Issues a Total of $11 Million in Fines for AML Offenses in First Half of 2022

UAE’s AML task force has imposed fines of over Dh41 million ($11m) in the first six months of 202...

UAE Issues a Total of $11 Million in Fines for AML Offenses in First Half of 2022 Explore More

News

Australian Police Launch Avarus, a Multi-task Force to fight Money Laundering

Australian Federal Police has set up a new multi-agency task force to fight prevailing financial ...

Australian Police Launch Avarus, a Multi-task Force to fight Money Laundering Explore More

News

Bank of Israel (BoI) Pushes Banks to Accept Crypto Profits

The Central Bank of Israel pushes local banks to un-restrict the cryptocurrency transaction gener...

Bank of Israel (BoI)  Pushes Banks to Accept Crypto Profits Explore More

News

Hogan and other US Top Official Become the Victim of Identity Theft

A fraud scheme attacking top government officials of Maryland State has been uncovered. The schem...

Hogan and other US Top Official Become the Victim of Identity Theft Explore More

News

A Trust Company Penalised for Opening a Doorway to Money Laundering

A team of accountants and economists have been fined by a court in Channel Island for neglecting ...

A Trust Company Penalised for Opening a Doorway to Money Laundering Explore More

News

EBA Issues Draft to Set up Central Database for AML and CFT

On December 20, 2021, the European Banking Authority (EBA) issued its draft Regulatory Technical ...

EBA Issues Draft to Set up Central Database for AML and CFT Explore More

News

Singapore Now Requires Developers to Comply with New AML/TF Regulations

The Singaporean government will implement a new anti-money laundering and anti-terrorism financin...

Singapore Now Requires Developers to Comply with New AML/TF Regulations Explore More

News

Cambodia Under FATF’s Tight Monitoring Over Weak AML Measures

Cambodia is under the tight monitoring of FATF over weak AML measures. According to Transparency ...

Cambodia Under FATF’s Tight Monitoring Over Weak AML Measures Explore More

News

Bitcoin ATMs face stricter regulations over money laundering

According to experts, Bitcoin ATMs (BATMs) will face stern regulations globally, with countries s...

Bitcoin ATMs face stricter regulations over money laundering Explore More

News

Indiana Witnesses a Spike in Identity Theft and Data Breaches

Covid19’s outburst has resulted in exponential growth in online banking, purchasing, and eC...

Indiana Witnesses a Spike in Identity Theft and Data Breaches Explore More

News

Rapstar Captured for His Role in Wire Fraud Scheme

A famous rapper from Chicago with his crew members was caught and charged in court for using the ...

Rapstar Captured for His Role in Wire Fraud Scheme Explore More

News

Data Security at Risk Due to the Fake Lending Apps

Gained network access, pictures, and contact information are at threat due to the fake lending ap...

Data Security at Risk Due to the Fake Lending Apps Explore More

News

Financial Inclusion Group Proposes User-centric Digital ID, Biometric KYC Policy Model

According to the AFI model, digital IDs and biometric KYC verification must be deployed by busine...

Financial Inclusion Group Proposes User-centric Digital ID, Biometric KYC Policy Model Explore More

News

UAE Regulatory Authority Enforces Import Invoice Verification to Fight Trade-Based Money Laundering

United Arab Emirates (UAE) has implemented the latest compliance regulations for importing commod...

UAE Regulatory Authority Enforces Import Invoice Verification to Fight Trade-Based Money Laundering Explore More

News

AUSTRAC to Audit Three Bell Financial Group Entities to Evaluate AML/CFT Compliance

AUSTRAC has called for the audit of three entities under the Bell Financial Group, including Bell...

AUSTRAC to Audit Three Bell Financial Group Entities to Evaluate AML/CFT Compliance Explore More

News

German FinTech N26 Notches $100M Amid COVID-19 Uncertainty

A funding deal for an extra $100 million has been closed by a German challenger bank N26 as it pr...

German FinTech N26 Notches $100M Amid COVID-19 Uncertainty Explore More

News

Turkey Mandates NFC-based Identity Verification for Customer Onboarding

Turkey’s regulatory body, Banking Regulation and Supervision Agency (BRSA) has issued new regulat...

Turkey Mandates NFC-based Identity Verification for Customer Onboarding Explore More

News

Ransomware attacks increase as more people work from home

According to a study published by the cybersecurity firm, Proofpoint, there has been an increase ...

Ransomware attacks increase as more people work from home Explore More

News

Japan’s Self-Regulatory Crypto System Gets Warned of Delays in AML Rules

Japan’s JVCEA has been warned by the Financial Services Agency of the delays in the introduction ...

Japan’s Self-Regulatory Crypto System Gets Warned of Delays in AML Rules Explore More

News

United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

United States Senate, UAE Government, and Spain Take effective measures to amend current Anti-Mon...

United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities Explore More

News

Cryptocurrency brought under AML rules in Singapore

Coinpip, the Singaporean cryptocurrency provider, has closed down its operations, in spite of dec...

Cryptocurrency brought under AML rules in Singapore Explore More

News

Interpol Operation Intercepts Financial Cybercrime Worth $83 Million

Due to an exponential rise in online financial crimes in the Asia Pacific region, an INTERPOL-coo...

Interpol Operation Intercepts Financial Cybercrime Worth $83 Million Explore More

News

Hawaii introduces facial recognition for COVID-19 airport screening

Hawaii transportation authorities on Monday revealed the latest element of their attempts against...

Hawaii introduces facial recognition for COVID-19 airport screening Explore More

News

UAE Central Bank Fines Firm $490,000 for Violating AML/CFT laws

The UAE’s Central Bank has charged a financial firm Dh1.8 million ($490,000) over breaching the c...

UAE Central Bank Fines Firm $490,000 for Violating AML/CFT laws Explore More

News

LifeLabs Hit By a Data Breach Affecting Personal Information of 15 Million People

Canadian laboratory testing company, LifeLabs, disclosed on Tuesday that it had been a victim of ...

LifeLabs Hit By a Data Breach Affecting Personal Information of 15 Million People Explore More

News

Japan’s FSA Deems Crypto Dealers Necessary for Ongoing AML Efforts

Japan’s federal regulatory authority FSA lays ground for anti money laundering requirements for c...

Japan’s FSA Deems Crypto Dealers Necessary for Ongoing AML Efforts Explore More

News

Canada Seeks to Digitize ID-Documents for Enhanced Security Measures

Canada, Ontario’s government is working towards digitizing the identity documents and seeks publi...

Canada Seeks to Digitize ID-Documents for Enhanced Security Measures Explore More

News

Colombian Financial Crime Unit Detects $20 Billion Potentially Linked to Money Laundering

Colombia’s Financial Crimes Unit has detected $20 billion in financial operations that are potent...

Colombian Financial Crime Unit Detects $20 Billion Potentially Linked to Money Laundering Explore More

News

Singapore Central Bank to Utilize AI Technology to Combat Money Laundering

The Monetary Authority Singapore (MAS) seeks to utilise AI technology to bolster the security of ...

Singapore Central Bank to Utilize AI Technology to Combat Money Laundering Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started