For example, in 2017, financial regulators around the world imposed more than US Dollar 2 billion in fines related to AML compliance failures. 12. At the international level, we have witnessed banks been penalized to the tune of billions of dollars for failure to comply with AML/CFT laws and regulations.
The Award for Excellence in Community Development that we are establishing tonight memorializes Janet Yellen’s commitment to the people and places that make up our vibrant economy, including those who face challenges.