Global crackdown on illicit money cost Crypto and Fintech groups $5.8 billion in fines

Global authorities are tightening their grip on emerging financial sectors, evidenced by a significant shift in the regulatory landscape last year.

Report from Financial Times  reveals that for the first time, crypto and digital payments companies racked up heavier fines than traditional financial institutions for lapses in compliance.

These fines, totaling $5.8 billion, were levied for deficiencies in customer due diligence, anti-money laundering controls, sanctions violations, and other financial crime risks.