Why Compliance is so important?

With the development of technology, fraud in the world is increasing day by day. Financial infrastructure does not remain indifferent to this development. Increasing online transactions create many opportunities for cyber thieves. Financial institutions are using anti-money laundering solutions to prevent such theft.

Anti-money laundering penalties and fines continue to rise in 2020. Money laundering, terrorist financing, corruption, fraud, bribery, and other financial crimes have many negative consequences. With the improvement of technology, Access to financial instruments becomes easier. It has created various opportunities for criminals. When we look at the AML penalties in recent years, we can see an increase in the total penalty amount. While the AML penalties given in 2018 were approximately $ 4 billion, the AML penalties given in 2019 increased by two times to roughly $ 8 billion. Anti-money laundering (AML) regulations, Anti-Money Laundering(AML) Fines, audits, and penalties continued to rise in 2021