Compliance Statistics

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Revision as of 05:29, 17 April 2021 by CentralMind (talk | contribs)
  • The hardest thing in the world to understand is the income tax - Max Baucus, D-Mont.
  • US system consumes 3.6 billion hours of individual taxpayer time every tax-filing year [1]
  • The global AML system could be “the world’s least effective policy experiment” [2]
  • Compliance costs for banks and other businesses could be more than 100 times higher than the amount of laundered loot seized [3]
  • Worldwide spending on AML and sanctions compliance by financial institutions exceeds $180bn a year [4]
  • It is not much more difficult today than it was 20 years ago to rinse dirty money [5]
  • $5.8trn-worth of financial crime was perpetrated in 2018 [6]
  • Trade-based money-laundering is increasing [7]

Financial Crime Intercepted by Authorities

  • United Nations Office on Drugs and Crime: 0.2% [8]
  • 2016 Europol: 1.1% [9]

Banks/Penalties

It is not unusual for firms such as HSBC or JPMorgan Chase to have 3,000-5,000 specialists focused on fighting financial crime, and more than 20,000 overall in risk and compliance. [10]

Fines

  • 2021 Capital One fined $390m for failing to report thousands of suspicious transactions
  • 2020 global lenders were hit with $10.4bn in penalties for money-laundering violations, an increase of more than 80% on 2019
  • 2020 NatWest failed to properly scrutinise a gold-dealing
  • 2018 Danske Bank $200bn of potentially dirty money was washed

OVDP

  • ZKB US citizen clients: Less than 1%. DoJ investigation: 2011 to 2018. Fine: $100 million. [11]