Zenoo Compliance Brief
AML spending hits $206 billion as fines top $4.5 billion in 2024
Plus, OFAC fines State Street $7.5m for Russian sanctions breaches, OCC orders Clear Fork Bank to overhaul BSA/AML controls, and OFAC sanctions Chinese national over Iran dealings.
24 February 2026 · 4 min read
Flagright's latest research paints a bleak picture: $206 billion spent annually on compliance, yet $3 trillion in illicit funds still flowing through the system. Last year's $4.5 billion in fines underscores the cost of getting transaction monitoring wrong. The report flags alert fatigue as the real problem, with AI positioned as the solution. We've also got three regulatory moves that land hard on institutions caught napping on sanctions and BSA basics.
In today's brief
- 1 Global AML spending hit $206bn last year. Why are transaction monitoring failures still the biggest enforcement driver?
- 2 How did a major custodian bank's Russia screening fail OFAC's enforcement scrutiny?
- 3 Has the OCC set a new enforcement baseline for transaction monitoring across all U.S. banks?
- 4 What does OFAC's targeting of a Chinese individual via Qingdao Haiye mean for your Iran screening protocols?
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