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Another Fine Mess: A Research Report on Financial
Institution Fines and Enforcement Actions

Asia-Pacific Edition
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Fenergo has published its latest analysis of global and regional regulatory fines for AML, KYC, sanctions, MiFID, and data privacy violations against financial institutions.

Between October 2018 and December 2019, fines from APAC regulators amounted to just 0.07% of all global fines at $7.46 million. A total of 35 fines were issued by regulators in Hong Kong, India, Pakistan, Australia and Taiwan.

Key Enforcement Trends:

  • FATF activity, including on-site visits and ongoing action plan reviews, may have contributed to enforcement actions in Taiwan and Pakistan
  • There were two fines issued for data privacy violations in 2019, one in Hong Kong and one in Taiwan
  • Fines issued in Australia were low when compared to previous years. In 2018 the regulator issued $534 million in fines, and in 2019 sanctions amounted only $173,011
  • India was the country with the highest fines (in $ and number), with $1.67 million in 12 fines by the Royal Bank of India

Download the regional report and discover all the insights!

Download the Report! 

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AiteGroup.pngRESEARCH HOUSE

Aite Group is a key Research House in the Financial Service Industry. It partners with participants in the international financial services marketplace, leveraging its analysts' industry experience to challenge, advise and to catalyze growth through independent market research and timely consulting. Aite Group builds bridges, brokers insight, and offers actionable advice that companies rely on to build their relationships and grow their businesses.



VirginieOShea.png AUTHOR

The author of the report, Virginie O’Shea, is a research director with Aite Group, heading up the Institutional Securities & Investments practice and covering data management, collateral management, legal entity onboarding, and post-trade technology. She brings to the firm more than 13 years of experience in tracking financial technology developments in the capital markets sector, with a particular focus on regulatory developments and standards. 


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More Resources You Might Like:

More Resources You Might Like:

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About Fenergo

Fenergo is a leading provider of Client Lifecycle Management, AML/KYC Compliance and Client Data Management solutions for investment, corporate, commercial and private banks.

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CLIENTS WHO TRUST

OUR SOFTWARE SOLUTIONS

We selected Fenergo’s Client Lifecycle Management software to enable us to manage the CDD / KYC processes from client onboarding to client off-boarding and all the KYC / CDD compliance and lifecycle events (periodic and event-driven reviews) that occur in between. A core part of our business transformation program will involve creating an internal centralized KYC target operating model that will help us to simultaneously improve the client experience and reduce the cost impact of the regulatory KYC activities. Fenergo is the technology platform that will underpin this initiative.

Helène Erftemeijer

Bank-wide responsibility for CDD, client master administration and regulations, ABN AMRO

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