The numbers are in and over $2.1 Billion (Sorry AP Style, treat these numbers with respect) in Bank Secrecy Act/Anti-Money Laundering and Office of Foreign Assets Control Enforcement Penalties have been announced in 2018 by U.S. Regulators. That number? It will grow through the next several weeks while regulators publicly release the remaining 2018 actions. How does 2018 compare to 2017? You know the popular writing by Mark Twain about statistics, "Figures often beguile me, particularly when I have the arranging of them myself; in which case the remark attributed to Disraeli would often apply with justice and force: 'There are three kinds of lies: lies, damned lies, and statistics.’” – Mark Twain, Chapters from My Autobiography.
Looking at the 365 days in calendar year 2018 doesn’t tell you the whole story. Be cautious with that assessment and searching for those comparisons. For instance, Western Union was fined $586 Million in 2017 by DOJ, FinCEN and FDIC and then again by DFS in 2018 for $60 Million. What we did see is there are currently 3,726 FINRA regulated firms in 2017 and for the year 2018, actions represented $24,950,000 in AML related fines. In the attached, you’ll find those actions to reference along with others that contributed to the $2.1 Billion total and another tab that included other notable events and reports released in 2018 found of interest. Enjoy the read, have fun with the data and we will update monthly along with any corrections, omissions, and interesting observations. If you're interested in being added to the monthly c2i Brief, please send full business contact details to firstname.lastname@example.org.