Wednesday February 23rd, 2022 10AM ET| 3PM GMT | 4PM CET Duration: 1 hour |
Globally, the total value of financial penalties issued by regulators to financial institutions for AML and data privacy breaches reached approximately $5.4 billion, a 49% decrease in value compared to the year prior.
EMEA saw a big increase in the value of financial penalties at $3.4 billion, up from $1 billion in 2020 . French regulators issued the highest value enforcement action of the year to a Swiss bank at $2 billion, followed by the UK ($688 million), Netherlands ($577 million) and Bahrain ($50.5 million).
And the reasons? Fenergo’s global Director of Financial Crime, Rachel Woolley suggests the impact of the pandemic is partly to blame for the general decline in value: “Regulators weren’t able to initiate as many on-premise investigations in the last two years which has likely had a knock-on effect on enforcement actions.”
To find out join Fenergo’s Rachel Woolley and well-known industry guests for a live panel discussion.
Rachel Woolley, Global Director of Financial Crime
Fenergo
Jim Richards – Founder and Principal
RegTech Consulting LLC
Oliver Bullough, Author and Journalist
Federica Taccogna, Financial Crime Expert
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