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New Kyckr Report Shows Organizations Were Fined Over $2.7 Billion for AML Related Violations in 2021

Kyckr has released the findings from their second annual AML Fines 2021 report.

Commenting on the findings, Kyckr CEO Ian Henderson said: “2021 was a blockbuster year for AML related fines. Regulators across the globe took aggressive action against violators, handing down major financial penalties and, in some cases, lengthy prison sentences to the individuals involved. As we make our way into 2022, it’s critical that compliance teams be proactive to ensure they do their part to prevent financial crimes.”

Key Findings:

In total, 80 financial institutions were issued fines for AML related violations in 2021. This is up from 24 in 2020.
In total, these financial institutions were fined $2,732,099,008. This is down from $3,224,875,355 in 2020.
The average fine was $34,151,237 in 2021. This is down from $134,369,806 in 2020.

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