Fenergo index shows fines for anti-money laundering fall by 26%

The Central Bank's €4.1 million fining of Davy last March made Ireland the only country to publicly reprimand a firm for breaching the Markets in Financial Instruments Directive

22nd August, 2021
Fenergo index shows fines for anti-money laundering fall by 26%
The Central Bank of Ireland fined Davy Stockbrokers €4.1 million in March. Picture: Fergal Phillips

The volume and value of fines for anti-money laundering (AML) failures fell dramatically in the first half of the year, according to Fenergo, the Irish fintech provider.

According to the banking fines index compiled by Fenergo, 85 individual fines were levied on global financial institutions for breaches of AML, “know your customer” and data privacy laws in the first six months of 2021, a drop of 26 per cent on the same period in 2020.

These fines...

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