The findings come from the company’s annual Global Enforcement Review 2021, which shows that, globally, 45 fines for AML failures were issued in 2020, the same as in 2019. Moreover, the first half of 2021 seems to be following suit, with 17 fines issued between January and July, just under half of 2020’s year-end total.
Despite the consistency in the volume of fines issued, the total value of AML enforcement has rocketed, reaching USD 2.2 billion at the end of 2020, which is five times higher than in 2019 and over two-thirds of the record levels recorded in 2018 (USD 444 million and USD 3.3 billion, respectively). Similarly, the total value of AML fines as of June 2021 is nearly half of the 2020 total, standing at USD 994 million.
Kroll’s report also highlights the four key AML failings from 2016-2021 that regulators across the world have consistently identified through the fines they imposed: AML management (124 cases), suspicious activity monitoring (98 cases), customer due diligence (94 significant cases), and compliance monitoring and oversight (57 cases).
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