No Result
View All Result
SUBSCRIBE | NO FEES, NO PAYWALLS
MANAGE MY SUBSCRIPTION
NEWSLETTER
Corporate Compliance Insights
  • Home
  • About
    • About CCI
    • CCI Magazine
    • Writing for CCI
    • Career Connection
    • NEW: CCI Press – Book Publishing
    • Advertise With Us
  • Explore Topics
    • See All Articles
    • Compliance
    • Ethics
    • Risk
    • FCPA
    • Governance
    • Fraud
    • Internal Audit
    • HR Compliance
    • Cybersecurity
    • Data Privacy
    • Financial Services
    • Well-Being at Work
    • Leadership and Career
    • Opinion
  • Vendor News
  • Library
    • Download Whitepapers & Reports
    • Download eBooks
    • New: Living Your Best Compliance Life by Mary Shirley
    • New: Ethics and Compliance for Humans by Adam Balfour
    • 2021: Raise Your Game, Not Your Voice by Lentini-Walker & Tschida
    • CCI Press & Compliance Bookshelf
  • Podcasts
    • Great Women in Compliance
    • Unless: The Podcast (Hemma Lomax)
  • Research
  • Webinars
  • Events
  • Subscribe
Jump to a Section
  • At the Office
    • Ethics
    • HR Compliance
    • Leadership & Career
    • Well-Being at Work
  • Compliance & Risk
    • Compliance
    • FCPA
    • Fraud
    • Risk
  • Finserv & Audit
    • Financial Services
    • Internal Audit
  • Governance
    • ESG
    • Getting Governance Right
  • Infosec
    • Cybersecurity
    • Data Privacy
  • Opinion
    • Adam Balfour
    • Jim DeLoach
    • Mary Shirley
    • Yan Tougas
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.”


Previous Post

TRACE: Bernie Madoff: “The Wizard of Lies”

Next Post

Evolving Compliance

Corporate Compliance Insights

Corporate Compliance Insights

Corporate Compliance Insights

Related Posts

slippery slope ice mountain

The Slippery Slope & Your Culture of Integrity

by Mary Shirley
June 23, 2025

Small transgressions and unanswered questions create pathways to major misconduct — and compliance teams need strategies beyond punishment

low battery on iphone warning

Ethics Fatigue: The Burnout That’s Putting Your Organization at Risk

by Nick Gallo
June 20, 2025

The psychology behind why ethics professionals are exhausted and what companies risk when they let it go unchecked

news roundup new

Few Business Leaders Feel Fully Prepared for Challenges of 2025

by Staff and Wire Reports
June 20, 2025

Data center operators not using full slate of available sustainability tactics; companies continue to use AI without policies

SmartSearch Daon Partnership

SmartSearch Partners With Daon for Enhanced ID Verification

by Corporate Compliance Insights
June 19, 2025

UK digital compliance provider SmartSearch has partnered with digital identity company Daon to integrate AI-powered biometric identity technology into its...

Next Post
woman with colorful lightbulb over her head

Evolving Compliance

No Result
View All Result

Privacy Policy | AI Policy

Founded in 2010, CCI is the web’s premier global independent news source for compliance, ethics, risk and information security. 

Got a news tip? Get in touch. Want a weekly round-up in your inbox? Sign up for free. No subscription fees, no paywalls. 

Follow Us

Browse Topics:

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

© 2025 Corporate Compliance Insights

Welcome to CCI. This site uses cookies. Please click OK to accept. Privacy Policy
Cookie settingsACCEPT
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT
No Result
View All Result
  • Home
  • About
    • About CCI
    • CCI Magazine
    • Writing for CCI
    • Career Connection
    • NEW: CCI Press – Book Publishing
    • Advertise With Us
  • Explore Topics
    • See All Articles
    • Compliance
    • Ethics
    • Risk
    • FCPA
    • Governance
    • Fraud
    • Internal Audit
    • HR Compliance
    • Cybersecurity
    • Data Privacy
    • Financial Services
    • Well-Being at Work
    • Leadership and Career
    • Opinion
  • Vendor News
  • Library
    • Download Whitepapers & Reports
    • Download eBooks
    • New: Living Your Best Compliance Life by Mary Shirley
    • New: Ethics and Compliance for Humans by Adam Balfour
    • 2021: Raise Your Game, Not Your Voice by Lentini-Walker & Tschida
    • CCI Press & Compliance Bookshelf
  • Podcasts
    • Great Women in Compliance
    • Unless: The Podcast (Hemma Lomax)
  • Research
  • Webinars
  • Events
  • Subscribe

© 2025 Corporate Compliance Insights