Financial regulators across Europe continue to levy steep enforcement fines against banks for failures to comply with know-your-customer (KYC) and anti-money laundering (AML) regulations. At the end of 2021, the Financial Conduct Authority (FCA) fined two of the UK's largest banks, HSBC and NatWest, a total of £328.95 million ($436.1 million) for failings in their money laundering processes. Meanwhile, members of the European Parliament are calling for cryptocurrencies to be governed by the European Commission's Anti-Money Laundering Authority, as illicit organisations continue to find new methods for laundering money through the financial system. Money laundering is a process that criminals use to hide the illegal source of their funds. By passing money through multiple, sometimes complex, transfers and transactions, the money is "cleaned" of its illegitimate origin and made to appear as legitimate business profits.