However, widespread reliance on outdated technology and manual processes remains a significant regulatory risk, and a record breaking fine in 2022 shows that regulators still intend on using their teeth if they find failures have occurred.
Throughout 2022 Kyckr has been collecting information on anti-money laundering (AML) bank fines publicly announced by enforcement agencies worldwide. We looked at banks fined for AML compliance violations and the compliance failures that resulted in the penalty.
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