Organizations in Switzerland, Norway, and the UK received the largest fines in 2021 – €84m, €47m, and €31m, respectively. The harshness of the penalties, however, is not the only factor driving companies’ efforts to improve their compliance profiles.
Just as alarming are the statistics about the frequency of fraud and other financial offenses. In 2022, about 1 in 2 organizations reported experiencing economic crime in the previous 24 months.
But why are so many firms still failing to ensure 360° AML compliance? and what can they do to fulfill regulatory requirements and protect their businesses?
