Corlytics data unveils European banks at mercy of US regulators Something to think about... If your only goal is to become rich, you will never achieve it. - John D. Rockefeller ============================================================= ====================== Global regulators have levied over USD $38.4bn in economic crime fines since Jan 201297% of all fines from US regulatorsUK, French, German and Swiss banks with branches in the US have paid almost 40% of the fines related to economic crime in the US Top 10 European banks have paid USD $13.25 billion to US regulators since 2012 Average fine for European firms to US regulators is 10x the average of US firmsEconomic crime makes up 18% of all regulatory enforcement fines in the period: 927 cases New data from Corlytics, the global leaders in regulatory risk intelligence, shows that European banks are under disproportional enforcement pressure from US regulators. Since 2012, of the $38.4bn levied in economic crime fines worldwide, 97 percent of all fines have come from US regulators. With the average fine for European banks being ten times the amount US banks have been served. The Corlytics Barometer, which this issue focuses on economic crime globally, reveals that enforcement action for sanctions and tax evasion are exclusively handed out by US regulators, whereas bribery and anti-money laundering AML are higher up the watch list for European and Asian regulators.
Figure 2 Although the number of fines have increased over the last 12 months, the average value of each fine has decreased. This is due in some part to a few very large fines issued by the US regulators (predominantly the Office of Foreign Assets Control) in 2014. These were mainly for sanctions and Anti-Money Laundering and Banking Secrecy Act (AML/BSA) breaches. US regulators getting tough with non-US banks Corlytics uncovered a significant finding for banks operating outside of their originating jurisdiction. UK, French, German and Swiss banks with branches in the US have paid almost 40 percent of the fines related to economic crime in the US. Its getting personal Economic crime involves serious criminal acts committed both by senior individuals at institutions