Global anti money laundering (AML) fines totalled US$8.14 billion in 2019.

According to Encompass, a provider of know-your-customer solutions, these penalties came in the form of 58 penalties.

This is double the amount, and nearly double the value, of penalties handed out in 2018, when 29 fines of $4.27 billion were imposed.

2019 was a record year in terms of number of penalties handed out (58), ahead of the 47 imposed in 2016. However, 2014 still holds the record for the highest total value of fines at $10.89 billion, but this includes an anomalously large penalty of $8.9 billion. If this were to be removed, ...