Financial Institution Enforcement Actions: Implications of a COVID Climate

Presented by

Rachel Woolley, Global Director of Financial Crime Fenergo

About this talk

Globally, the total value of financial penalties issued by regulators to financial institutions for AML and data privacy breaches reached approximately $5.4 billion, a 49% decrease in value compared to the year prior. EMEA saw a big increase in the value of financial penalties at $3.4 billion, up from $1 billion in 2020 . French regulators issued the highest value enforcement action of the year to a Swiss bank at $2 billion, followed by the UK ($688 million), Netherlands ($577 million) and Bahrain ($50.5 million). And the reasons? Fenergo’s global Director of Financial Crime, Rachel Woolley suggests the impact of the pandemic is partly to blame for the general decline in value: “Regulators weren’t able to initiate as many on-premise investigations in the last two years which has likely had a knock-on effect on enforcement actions.”

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Fenergo is the digital enabler of client and regulatory technology for financial services. It provides Client Lifecycle Management (CLM) software solutions for Financial Institutions including; Corporate & Institutional Banking, Commercial & Retail Banking, Asset Management, Private Banking & Wealth Management. Counting 70 global Financial Institutions as clients, its award-winning CLM suite digitally transforms how Financial Institutions manage clients; from initial onboarding to KYC/AML and regulatory compliance, to data management and ongoing lifecycle KYC reviews and refreshes. Fenergo CLM empowers financial institutions to deliver a faster, compliant and digital customer experience while achieving a single client view across channels, products, business lines and jurisdictions.