RegWatch - Edition #34

NEW REPORT: AML Enforcement Action in 2024

Download the report to discover:

• An analysis of 2024’s enforcement actions and the top compliance failings driving regulatory penalties
• The largest fines of the year and the breakdown across regions, sectors and regulations
• How financial institutions can strengthen anti-money laundering programs to avoid costly fines

Get the full analysis now to stay ahead of regulatory expectations and safeguard your institution.

Download the report today.

Regulatory Recap

Europol steps up efforts to trace sanctioned assets three years after Russia’s invasion of Ukraine

The Agency has established a dedicated Target Group on Sanctions within the EFECC, which will serve as the central hub for sanction-related investigations. Read more

OKX Pleads Guilty To Violating U.S. Anti-Money Laundering Laws And Agrees To Pay Penalties Totaling More Than $500 Million

One of the largest cryptocurrency exchanges in the world pled guilty to one count of operating an unlicensed money transmitting business. Read more

AI in Banking Compliance: Future-Proofing KYC & AML

With only 29% of financial institutions currently using generative AI for financial crime detection, what are the primary barriers to adoption, and how can banks overcome these challenges? Read more

SEC drops Robinhood Crypto investigation

The news comes days after it emerged the SEC has also agreed to drop its case against Coinbase as resets its relationship with the crypto industry in the wake of Donald Trump's arrival in the White House. Read more

Payments watchdog could be abolished in PM's purge of regulators

Ministers are considering whether to scrap the UK's Payment Systems Regulator and fold it into the City watchdog as part of efforts to remove red tape from the economy. Read more

In Case You Missed It...

On-demand Webinar: AML Fines 2024 in Review

Our expert panel joined us to discuss:

• How global fines saw an overall drop of 30% but surged in North America, Europe, Middle East, Africa and the UK
• The breakdown of enforcement across regions, industries and regulations
• The largest fines issued in 2024
• Strategies for financial institutions to future-proof their compliance