Fernergo has released its findings on financial institution fines which shows that in December 2019 global penalties totalled US$36 billion for non-compliance with anti-money laundering (AML), know your customer (KYC) and sanctions regulations.

According to Fernergo, which includes AML, KYC and sanctions events in the client lifecycle management processes it provides for financial institutions, says fines related to AML, KYC and sanctions violations increased in the 15 months since its last report by 160 per cent.

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