New data reveals that banks from around the globe have been fined $14 billion in money laundering and operating violations over the course of the last year.
The Bank Fines 2020 report by Finbold shows that banking institutions from twenty different countries will be coughing up $14.21 billion for breaching various money laundering protocols such as AML, KYC and other operating guidelines.
The US holds the largest quantity of fines with twelve fines in total, followed by China which has seven.
Goldman Sachs was fined the most money last year by far, owing $6.2 billion in fines. Wells Fargo comes in second with $3 billion worth of fines, followed by JP Morgan which owes a little over a billion in fines.
Back in September, news broke that a congressional investigation into the 2016 presidential elections turned up information that US banks may have processed $2 trillion worth of dubious transactions.
From 1999 to 2017 banks flagged a couple trillion worth of transactions as possible suspicious transactions. These ‘suspicious activity reports’ can be related to any number of crimes such as terrorism, money laundering, and drug dealing.
According to the report JP Morgan, specifically had been fined for moving capital in the name of individuals who are responsible for stealing public funds in Malaysia, Venezuela and the Ukraine. JP Morgan’s shares dipped 3% on the heels of the report’s release.
Furthermore, in February of 2019, The United Nations Office on Drug and Crimes reported that over a trillion dollars are illicitly funneled through the traditional banking system every 365 days.
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