Look out for the next Corlytics barometer, focusing on market conduct globally, due out in December 2017

Corlytics barometer - Economic crime report (H2 2017)

Economic crime makes up 18 percent of all enforcement fines, we take an in-depth global look at what is happening in this category.

    • Global regulators have levied over USD $38.4bn in economic crime fines since Jan 2012
    • 97% of all fines from US regulators
    • UK, 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┬ábillion to US regulators since 2012
    • Average fine for European firms to US regulators is 10x the average of US firms
    • Economic 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.

    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.

If you would like a full copy of this report, please contact us at insights@corlytics.com