A recent string of enforcement actions by bank regulators and the U.S. Department of Justice against financial institutions charged with facilitating or failing to prevent large-scale money laundering operations by criminals, drug cartels and even terrorist organizations is boosting the market for products that can help detect and prevent such activities.
Aite, a financial services research and advisory firm, in a new study released this week, says that over the past year, regulatory actions and criminal investigations against financial institutions in the U.S. alone have resulted in fines and settlements exceeding $800 million.
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