In 2015, a Jump in AML Enforcement Actions for Banks and Nonbanks Alike

By Colby Adams and Irene Madongo

Federal regulators of anti-money laundering rules issued 16 percent more enforcement actions in 2015 than in the previous year, a jump due in part to an intensified focus on nonbank firms. Throughout the year, the Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corp. (FDIC), Federal Reserve and the Financial Crimes Enforcement Network (FinCEN) handed down 52 penalties to banks, money services businesses, casinos, precious metals dealers and others deemed to have violated anti-money laundering (AML) compliance. The annual total, which compares to 45 such actions in 2014, entailed roughly $400 million in purely AML-related civil monetary...