Tax evasion in Poland
The biggest AML, bribery, and corruption fines in 2023 and measures to prevent them.
Violating regulations can have serious repercussions. These can include lengthy jail terms or milions in fines as well as the loss of professional accreditation. Even businesses with highly skilled employees and meticulous compliance procedures could be taken off guard. Furthermore, breaches are not always unintentional.
Biggest AML fines in 2023
- Binance: $4.3BN
- Crown Resorts: $450M
- Deutsche Bank: $186M
- Bank of Queensland: $50M
- William Hill: £19.2M
- Guaranty Trust Bank UK Ltd: £7.6M
- ADM Investor Services International Ltd: £6.47M
- In Touch Games: £6.1M
- Royal Bank of Canada: $5.5M
- Al Rayan Bank: £4M
Simple measures to prevent AML fines
- Apply a risk-based approach to all client due diligence, both initially and continuously, and make no exceptions.
- Keep an eye out for anything strange or questionable regarding any customer or transaction; pay close attention to high-risk clients and locations in particular.
- Any knowledge or suspicion of money laundering should be reported right away to the appropriate authorities. Don't take any more action until you have been given permission to do so.
- Refrain from giving information to someone who has been accused of financing terrorism or money laundering.
Biggest bribery fines in 2023
- Glencore: $700MEntain: £585M
- Televisa: $95M
- Recidivist Philips: £62M
- Frank's International: $8M
- 3M: $6.5M
- Gartner: $2.5M
Simple measures to prevent bribery fines
- Never give money or anything valuable in exchange for carrying out a task incorrectly.
- Make sure that hospitality, gifts, donations, sponsorship, and costs are reasonable and adhere to industry-standard guidelines and cutoff points.
- Never pay a facilitator to "jump the queue" or expedite a procedure.
- Make sure you notify the appropriate authorities right once if you have any suspicions or information of bribery.
AP Outsourcing Group helps to avoid compliance fines by implementing the following precautions into actions:
- Keep yourself updated. Compliance requirements are subject to change, so don't let this catch you off guard. Monitor policy changes and industry rules on a regular basis. To keep informed, you can interact with peers, go to workshops, or subscribe to newsletters. Reviews should be done on a regular basis.
- Do routine evaluations and audits: To find any compliance problems, do routine internal audits. As soon as possible, resolve any problems and modify any policies and procedures that call for it.
- Make use of technology: Processes can be automated and streamlined with compliance management software. This can lessen the possibility of human error and guarantee regular compliance with rules.
- Create a reporting system and document everything. Having thorough records of your compliance activities is crucial since they can be used as proof in the event of an audit. Establishing a mechanism that permits staff members to report possible compliance problems without worrying about reprisals is also crucial since it will enable a speedy resolution before things get out of hand.
- Invest in education and consult professionals - Inform your staff of the industry-specific compliance rules and encourage them to report any possible infractions so that appropriate action can be taken. Employees can better grasp their roles and responsibilities in upholding compliance via compliance training.
- These actions are more easily said than done, nevertheless, based on the quantity of fines that are imposed each year. The repercussions of breaking rules in any area of compliance can be severe.
