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.
