Financial supervisors levied larger fines for anti-money laundering (AML) violations in the first half of the year than they did for all of 2019, as institutions repeated past compliance mistakes. The most recent penalties stem from compliance lapses highlighted since 2015, including insufficient due diligence on new clients, improper management of AML measures, poor transaction monitoring and a failure to ensure adherence to the rules. The enduring problems reflect a lack of resourcing and upgrades to legacy systems. Another factor behind the shift is more aggressive enforcement in other jurisdictions, and particularly within the European Union.
Source: https://www.finextra.com/newsarticle/36359/bank-aml-fine-values-in-2020-already-outstripping-2019