The fines represent non-compliance with Anti-Money Laundering (AML), Know your Customer (KYC) and data privacy regulations. The total volume of fines levied to financial institutions for these breaches was 85, a year-on-year drop of 26%. The average value of enforcement actions against financial institutions for AML-related compliance breaches is 40% lower than in 2020.
North America has issued the largest share of fines (USD 716 million) at an average value of USD 29.8m vs the average value of USD 4.9m in Europe
There was also a significant uptick in data privacy fines to financial institutions this year. GDPR related fines totalled USD 7.6 million – not far off the full year fine value of USD 8.2 million for 2020 – with European countries including Norway and Spain taking robust action for breaches of customer data privacy.
The most significant fine levied for data privacy was to a major Spanish bank for unlawfully processing clients’ personal data and not providing sufficient information regarding the processing of personal data.
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