Published on February 17, 2014
Trends in Civil Penalties for AML Non-Compliance and Violations Statistics from OFAC indicate a sharp rise in penalty amounts even though the number of ﬁnes have decreased. 120 1,139 104 100 1,000 772 800 80 60 600 400 40 27 21 200 16 27 200 20 90 3.5 0 2012 2011 No. of Fines Penalty Amount (in Million) 1,200 2010 2009 Source: http://www.treasury.gov/resource-center/sanctions/CivPen/Pages/civpen-index2.aspx 0 2008 Penalty Amount No. of Fines Bank Fines for Non-Compliance and Violations Some of the nation’s leading ﬁnancial institutions have been assessed huge penalties arising from non-compliance to regulations. With more strict economic sanctions and enforcements, banks and ﬁnancial services ﬁrms need to ensure their compliance programs are designed to minimize risk. $ 1,139,158,727 THE TOTAL FINES OFAC HAS ASSESSED IN 2012 ALONE Source: http://www.treasury.gov/resource-center/sanctions/CivPen/Pages/2012.aspx Implications of Non-Compliance Financial Penalties Imposition of Sanctions Imprisonment Damage to Corporate Reputation Measures to be taken to avoid these penalties: Good Governance Robust Compliance Strong Programs Internal Controls & Regular Audits AgreeYa Solutions helps ﬁnancial institutions and advisory ﬁrms adapt to regulations and compliance programs, whereby signiﬁcantly reducing their exposure to corporate liability, sanctions, and litigation that may arise from violations of statutory norms and law. www.agreeya.com Investment in Adopting New Technology, Processes
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