A recent report unveiled that in 2020 fines in Anti-Money Laundering (AML), Know your Customer (KYC), data privacy and MiFID regulations against financial institutions and individuals totalled $10.6 billion, rising 27% from the year before.
Penalties against financial institutions for compliance breaches are rising in volume and value and 2020 was the second highest year in these respects for enforcement actions. The number of fines aimed at individuals has also increased during 2020, hinting towards a new trend where more individuals are being held accountable for compliance breaches. Will this along with whistleblowing incentives and a widening of the net with regards to the law impact the unrelenting rise in financial crime?
Join us on Tuesday, June 15th @12.00pm GST at the DIFC Innovation Hub, as Fenergo’s Cormac Sheedy, Head of MENA, will uncover the key findings and trends emerging from Fenergo’s annual financial industry fines report.
Register now to learn more about:
Working out of Fenergo’s offices in the Dubai International Finance Centre (DIFC), Cormac has over 25 years’ experience working in financial services.
Prior to joining Fenergo, he has held senior positions with Invesco Asset Management, Fidelity, Royal Bank of Canada, Bank of Ireland and most recently at Jersey finance ltd.
Cormac has a strong background in dealing with Banks and financial institutions across the Gulf Corporation Council (GCC) and is familiar with its regulatory environment.
Is there a charge for attending?
No. This forum is free of charge to attend.
Is this session open to the public?
Yes this event is open to the public.
Is this a sales pitch or sales event?
No, this is pure thought leadership and discussion forum.