The fines indicate the growing efficiency of regulators in ensuring compliance from banks midst efforts made by the Trump administration to loosen banking laws.
As per a note prepared by the Boston Consulting Group, with regulators stepping up their scrutiny, banks across the world have paid $321 billion in fines since the 2007-2008 financial crisis.
Significantly, the BCG in its report noted that almost since a decade since the financial crisis, the banking industry has yet to completely recover from it.
Banks located in North America account for nearly 63%, or around $204 billion during 2009-2016, of the total fines.
Regulators in the United States have been more effective in recovering fines from the banks, their counterparts in Asia and Europe are likely to step up their pace, said the BCG report.
As per the report, the number of individual regulatory changes that banks must comply to on a global scale has more than tripled since 2011.
Despite efforts made by U.S. President Donald Trump to loosen regulatory watch and compliance by modifying the Dodd-Frank Act by the argument that the act hinders lending, regulatory compliances continue to be in place.
Last month, Trump had ordered the reviewing of major banking rules, that were put in place following the 2007-2008 financial crisis, favouring looser regulations.
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