Publicizing the administrative sanctions for AML/CFT violations.
Pros:
- Deterrent to other financial institutions.
- Foster culture of responsibility among financial institutions.
- Motivate financial institutions to prioritize mitigating ML/FT/PF.
- Promote transparency in the financial system.
- Build trust in the supervisory authority and financial institutions.
Cons:
- Public action may not be appropriate, proportionate, or achieve the intended outcome.
- Impact reputation of the financial institution.
- Impact institution's ability to attract and retain customers, investors, and employees.
- Increase the risk of legal action against the financial institution.
- Disclosure of sensitive information related to the financial institution's operations.
- Revelation of confidential or very sensitive information
- Potentially systemic impact on the whole sector.
