World Banks Fined For More Than $ 5 Billion For 7 Months Of This Year
Global financial institutions were fined $ 5.6 billion in the first 7 months of 2020 for failing to comply with anti-money laundering requirements. This is stated in the report of the consulting company Fenergo (Ireland), which specializes in issues related to KYC and AML procedures.
According to the company, the financial institutions of the USA, Sweden, Germany and Israel received the most fines. The largest sanctions were imposed on the Golden Sachs bank, which, according to an agreement with the regulator, will pay a $ 2.5 billion fine for the fact that funds (about $ 1 billion) stolen from the Malaysian sovereign wealth fund passed through its accounts.
In addition, two Swedish banks were fined $ 536 million (SEB Bank for 107 million and Swedbank for almost 430). The reason is that these banks had an insufficient level of anti-money laundering in their work with clients.
Fenergo experts note that in general, the amount of fines paid has decreased by 30% compared to the same period last year. However, if we take the number of fines, then there are no less than for the same period last year.