News

Strengthening Anti-Money Laundering Measures: An Imperative for 2024

Compliance

In 2023, numerous entities faced significant sanctions for non-compliance with anti-money laundering regulations. According to the “Sanctions and Requirements of Obligated Entities for 2023” report published by the Public Treasury, the authorities collected a total of €18,701,295.50 in confirmed fines. These figures highlight the critical importance of complying with legal obligations to avoid substantial penalties. 

Non-Compliance Issues Total Fine (EUR)
Non-Compliance with the Obligation to Apply Measures Regarding Branches and Subsidiaries in Third Countries 4,829,250
Non-Compliance with the Duty of Communication 3,323,000
Deficiencies in Special Examination and Suspicious Activity Reporting 3,523,521
Lack of adequate internal control policies and procedures 2,353,887.50
Failure to comply with the obligation to obtain information about the business relationship 1,329,000
Failure to comply with the obligation of formal identification 898,670.50
Failure to Implement Continuous Monitoring Measures 922,099.50
Failure to comply with the obligation to abstain from execution 694,500
Failure to comply with the obligation of external examination 270,000
Failure to comply with the obligation to implement Enhanced Due Diligence Measures 347,366.50
Failure to comply with the obligation to Establish Internal Control Authorities 90,000
Failure to comply with the obligation to Communicate the Appointment of the Representative 60,000
Inadequate Document Retention 60,000

 

Main Non-Compliance Issues and Sanctions 

These figures reflect the severity of non-compliance with anti-money laundering regulations. The lack of adequate policies and procedures, proper customer identification and continuous monitoring of business relationships are essential to avoid sanctions. 

Additionally, sanctions totaling €38,134,680 in unresolved fines have been imposed. This reinforces the need for constant diligence and proper implementation of current regulations to avoid future penalties. 

 

How can your organisation avoid these sanctions? 

At UHY Fay & Co, we are here to help. We offer a comprehensive anti-money laundering prevention service designed to ensure your organisation complies with all current regulations and avoids costly penalties. 

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