Friday, March 5, 2021
Corporate Compliance Insights
  • Home
  • About
    • About CCI
    • Writing for CCI
    • NEW: CCI Press – Book Publishing
    • Advertise With Us
  • Articles
    • See All Articles
    • NEW: COVID-Related
    • Compliance
    • Ethics
    • Risk
    • FCPA
    • Governance
    • Fraud
    • Internal Audit
    • HR Compliance
    • Cybersecurity
    • Data Privacy
    • Financial Services
    • Leadership and Career
  • Vendor News
  • Jobs
    • Compliance & Risk
    • Information Security
  • Events
    • Webinars & Events
    • Submit an Event
  • Downloads
    • eBooks
    • Whitepapers
  • Podcasts
  • Videos
  • Subscribe
No Result
View All Result
  • Home
  • About
    • About CCI
    • Writing for CCI
    • NEW: CCI Press – Book Publishing
    • Advertise With Us
  • Articles
    • See All Articles
    • NEW: COVID-Related
    • Compliance
    • Ethics
    • Risk
    • FCPA
    • Governance
    • Fraud
    • Internal Audit
    • HR Compliance
    • Cybersecurity
    • Data Privacy
    • Financial Services
    • Leadership and Career
  • Vendor News
  • Jobs
    • Compliance & Risk
    • Information Security
  • Events
    • Webinars & Events
    • Submit an Event
  • Downloads
    • eBooks
    • Whitepapers
  • Podcasts
  • Videos
  • Subscribe
No Result
View All Result
Corporate Compliance Insights
Home GRC Vendor News

U.S., EU Fines on Banks’ Misconduct to Top $400 Billion by 2020

by Corporate Compliance Insights
September 27, 2017
in GRC Vendor News
U.S., EU Fines on Banks’ Misconduct to Top $400 Billion by 2020

Hong Kong (September 27, 2017) – Regulators in the United States and Europe have imposed $342 billion in fines on banks since 2009 for misconduct, including for violation of anti-money laundering rules, and that figure is likely to top $400 billion by 2020, a research report said on Wednesday.

Pending cases involving missteps in the U.S. mortgage market in the run-up to the 2008 financial crisis and a fresh penalty on mostly regional banks for anti-money laundering breaches would result in a surge in fines over the next few years, Quinlan and Associates said.

The Hong Kong-based financial services consultancy estimated bad behavior had erased $850 billion in profits for the top 50 global banks since the 2008 financial crisis in the form of write-downs, trading losses, fines and higher compliance costs.

The bulk of the new regulatory fines would be against regional banks, including some Chinese banks, that have lagged behind their global peers in bolstering investments on compliance to combat money laundering, CEO Benjamin Quinlan said.

Among regional banks, Commonwealth Bank of Australia (CBA.AX) is battling allegations of systemic breaches of money-laundering and terror-financing laws that could expose it to billions of dollars in fines.

Spain is investigating the European management of the Industrial and Commercial Bank of China (601398.SS) as part of a widening probe into alleged laundering through the Chinese banking giant’s Madrid branch.

“Notwithstanding the massive scale of fines that have been handed out to the banking industry to date, we believe the bloodbath is far from over,” the report said, adding that banks have failed to drive cultural change to deal with misconduct.

Know-your-customer (KYC) and anti-money laundering (AML) processes became a key focus globally after some large global banks were hit with hefty fines in 2012, triggering a flurry of initiatives across the banking sector to boost compliance.

Major international banks are now spending between $900 million and $1.3 billion a year on financial crime compliance, according to analysis by corporate governance recruitment firm Barclay Simpson.

“Despite the potential scale-back of some recent regulatory reforms in the U.S., we anticipate that AML, in particular, will remain a key enforcement priority, given ongoing concerns over terrorism across the globe.”

Click here to read the full report.


Previous Post

TRACE: Bernie Madoff: “The Wizard of Lies”

Next Post

Evolving Compliance

Corporate Compliance Insights

Related Posts

hands holding seedling in eggshell

SEC Announces Enforcement Task Force Focused on Climate and ESG Issues

March 4, 2021
SEC emblem on building exterior

SEC Division of Examinations Announces 2021 Examination Priorities

March 3, 2021
cybernetic brain in form of human brain in cyberspace

Strike Graph Introduces First-Ever AI Tech Platform to Automate Security Questionnaires

March 1, 2021
red paper plane breaking rank from white paper planes

Diligent to Become Largest Global GRC SaaS Company Through Galvanize Acquisition

February 24, 2021
Next Post
woman with colorful lightbulb over her head

Evolving Compliance

OneTrust offers download to demonstrate privacy management leadership
Access realtime data
Top 10 Risk and Compliance Trends

Special Coverage

Special COVID page graphic

Jump to a Topic:

anti-corruption anti-money laundering/AML Artificial Intelligence/A.I. automation banks board of directors board risk oversight bribery CCPA/California Consumer Privacy Act Cloud Compliance communications management Coronavirus/COVID-19 corporate culture crisis management cyber crime cyber risk data analytics data breach data governance decision-making diversity DOJ due diligence ESG fcpa enforcement actions financial crime GDPR GRC HIPAA information security KYC/know your customer machine learning monitoring ransomware regtech reputation risk risk assessment Sanctions SEC social media risk technology third party risk management tone at the top training whistleblowing
No Result
View All Result

Privacy Policy

Follow Us

  • Facebook
  • Twitter
  • LinkedIn
  • RSS Feed

Category

  • CCI Press
  • Compliance
  • Compliance Podcasts
  • Cybersecurity
  • Data Privacy
  • eBooks
  • Ethics
  • FCPA
  • Featured
  • Financial Services
  • Fraud
  • Governance
  • GRC Vendor News
  • HR Compliance
  • Internal Audit
  • Leadership and Career
  • Opinion
  • Resource Library
  • Risk
  • Uncategorized
  • Videos
  • Webinars
  • Whitepapers

© 2019 Corporate Compliance Insights

No Result
View All Result
  • Home
  • About
  • Articles
  • Vendor News
  • Podcasts
  • Videos
  • Whitepapers
  • eBooks
  • Events
  • Jobs
  • Subscribe

© 2019 Corporate Compliance Insights