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Fines Tied to AML Bank Compliance Fell 90 Percent in 2009 in a Year of Record Sanctions Penalties
By Brian Monroe and Colby Adams
printThe total regulatory fines issued by the United States against financial institutions for anti-money laundering compliance problems fell by 90 percent in 2009 from the total levied in 2008, according to ComplianceAdvantage.com data. The drop in monetary penalties, from roughly $55 million in 2008 to $5 million in 2009, came as the total number of federal anti-money laundering (AML) enforcement actions rose slightly, from 51 issued in 2008 to 53 issued last year. The 2009 dollar amounts were over 92 percent lower than the $66.5 million in penalties levied for AML problems in 2007, when regulators issued a total of...
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Fines and monetary settlements paid in 2012 by banks for anti-money laundering and counterterrorism financing violations increased 131-fold from the previous year, ACAMS moneylaundering.com data shows.
The number of federal anti-money laundering enforcement actions issued in the first half of 2012 fell by 35 percent in comparison to the total levied during the same period last year, data shows.
The total number of anti-money laundering enforcement fines handed down by federal regulators rose by 67 percent in 2011 compared to the previous year.
The number of anti-money laundering enforcement actions handed down by federal banking regulators rose nearly 48 percent in the first six months of 2011 compared to the same period last year, data shows.
The number of annual federal banking fines for anti-money laundering violations rose by nearly fourfold in 2010, while the total dollar amount of the monetary penalties rose to over $660 million, according to Moneylaundering.com/ComplianceAdvantage data.
The new year won't be any easier on compliance officials at banks and money services businesses, and could get much harder depending on how U.S. officials implement new and proposed regulations, according to industry leaders.
Regulatory pressure grew on financial institutions in 2010 though few compliance departments saw an increase in budgets or resources in the wake of an 18-month recession, say industry professionals.
The overall number of regulatory enforcement actions against banks jumped 52 percent in the first half of 2010 in comparison to the number issued in the first half of 2009.
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