Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulations form the foundation of integrity in the global financial system. These measures serve as essential safeguards, preventing criminal activity—including drug trafficking, corruption, fraud, and terrorism—from infiltrating legitimate markets. In 2024, regulatory bodies worldwide intensified their control over financial institutions, resulting in substantial penalties for violations of anti-money laundering (AML) regulations.

The year 2024 was marked by significant enforcement actions and fines across various sectors. These penalties underscore the severe financial and reputational consequences of inadequate AML/CFT controls and highlight the critical importance for all regulated entities to maintain robust, effective compliance programs. This article examines the largest AML fines of 2024, highlighting the specific failings that led to these penalties and the key lessons for the financial industry.

The Scale of Enforcement in 2024

Financial regulators worldwide demonstrated a continued resolve to penalize AML/CFT non-compliance throughout 2024. While the total global value of enforcement actions saw a decrease compared to the previous year, the figures remained substantial, indicating persistent scrutiny. On the other hand, another source cited a record-breaking $19.3 billion in total global regulatory fines across all categories, heavily influenced by the $12.7 billion penalty against the cryptocurrency exchange FTX.

Several high-profile cases dominated the AML enforcement landscape in 2024:

TD Bank: ~$3.1 Billion

In October 2024, TD Bank faced unprecedented penalties totaling approximately $3 billion due to severe deficiencies in its AML compliance program. The U.S. Department of Justice (DOJ) imposed a $1.8 billion penalty, while the Financial Crimes Enforcement Network (FinCEN) imposed an additional $1.3 billion fine. The Office of the Comptroller of the Currency (OCC) also imposed a $450 million fine. These penalties were the result of TD Bank’s failure to detect and report suspicious activities, particularly those involving high-risk customers. Key deficiencies included inadequate transaction monitoring, poor customer due diligence, and systemic lapses in compliance with AML regulations. As part of the settlement, TD Bank’s U.S. operations faced growth restrictions, including a cap on asset expansion. CEO Bharat Masrani acknowledged these failures and announced plans to step down in April 2025. ​

Klarna Bank AB: 45 Million USD

In December 2024, Klarna Bank AB was fined $50 million by the Swedish financial regulator Finansinspektionen (FI) for serious compliance deficiencies occurring between April 2021 and March 2022. Key failings included inadequate general risk assessments, particularly regarding the potential misuse of its invoice product for money laundering or terrorist financing, and insufficient customer due diligence procedures.

Nordea Bank: $35 Million

In August 2024, Nordea Bank agreed to pay $35 million to settle a money-laundering investigation by the New York State Department of Financial Services, linked to the Panama Papers scandal. The probe revealed the bank’s failure to prevent illegal activities, including inadequate screening of clients from 2008 to 2019.

Starling Bank: $29 Million

In 2024, Starling Bank was fined $29 million for AML compliance failures. The Financial Conduct Authority (FCA) identified significant shortcomings in the bank’s AML controls, including inadequate customer due diligence and failure to monitor transactions effectively. These deficiencies exposed the bank to potential exploitation by money launderers.

Metro Bank: £16 Million

The Financial Conduct Authority (FCA) has fined Metro Bank £16.7 million for serious failings in its financial crime controls between June 2016 and December 2020. The bank’s automated system for monitoring transactions for potential money laundering risks was flawed, failing to properly track over 60 million transactions worth more than £51 billion due to data input errors. Although junior staff raised concerns in 2017 and 2018, the problem was not addressed until mid-2019, and a reliable fix wasn’t fully implemented until the end of 2020. The FCA criticized Metro for allowing these issues to persist for over four years, leaving vulnerabilities in the financial system, hough the bank has since taken steps to correct the deficiencies.

Danske Bank: €6.3 Million

Danske Bank reached a €6.3 million settlement in 2024 for AML violations. The bank’s Estonian branch was involved in a significant money-laundering scandal, with billions of euros in suspicious transactions processed between 2007 and 2015. The settlement aimed to address the bank’s failure to implement adequate AML controls and prevent illicit financial flows.

Conclusion

The analysis of the largest Anti-Money Laundering (AML) fines in 2024 reveals several recurring themes. Regulatory authorities worldwide have significantly heightened their enforcement activities, emphasizing the importance of robust AML and Countering the Financing of Terrorism (CFT) controls. While the total number of enforcement actions declined slightly compared to previous years, the scale and severity of individual penalties underscore the regulators’ focus on ensuring the integrity of the global financial system.

One of the recurring themes is the widespread failure to apply risk-based approaches to AML programs. Klarna, Starling, and Metro Bank each faced significant penalties for insufficient risk assessments and poorly executed monitoring systems. Klarna, in particular, failed to consider the AML risks of its invoice product, while Metro Bank’s case highlighted a technical flaw that left millions of transactions unmonitored—despite internal warnings.

Furthermore, legacy issues and past inaction continued to haunt banks in 2024.

Nordea Bank and Danske Bank were both penalized for historic AML breaches dating back more than a decade. These cases underscore that regulatory watchdogs remain willing to investigate and impose penalties for long-past failures, reinforcing that time does not diminish the seriousness of non-compliance.

Overall, the 2024 fines emphasize the growing global alignment in AML enforcement and the rising expectations placed on financial institutions. Regulators are increasingly demanding not just formal compliance, but demonstrable effectiveness in preventing illicit financial flows. Institutions are expected to integrate AML compliance into their core business operations, ensure adequate governance oversight, and maintain a culture of continuous vigilance. As penalties increase and reputational risks mount, firms must prioritize building resilient, proactive compliance programs that go beyond ticking regulatory checkboxes.