In 2009, we saw record breaking fines against banks violating US anti-money laundering (AML) rules. A Wall Street Journal article noted that in a securities filing, submitted Feb. 26, Wells Fargo said that the Wachovia bank unit "is engaged in discussions to resolve this matter by paying penalties and entering into agreements concerning future conduct."
Eugene Yoo, an AML expert at Actimize, a financial crime and compliance software solutions provider to the financial services industry, recently shared his top trends in AML watch list filtering. He points to the fact that fines are growing, with two of the top three highest fines ever in 2009. Based on his prediction, we should expect mega fines in 2010, maybe even topping the astronomical half billion USD Credit Suisse was fined. Even though Wachovia’s alleged violations happened before the acquisition, this may not bode well for Wells Fargo shareholders.
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