30 Apr The Biggest AML Fines of 2024: What Went Wrong

The Biggest AML Fines of 2024 – The year 2024 witnessed a sharp rise in anti-money laundering (AML) enforcement actions globally. Regulators handed out some of the most substantial fines in history, sending a clear message: institutions that fail to implement robust AML controls will be held accountable.

In this article, we highlight the biggest AML fines of 2024, explore the reasons behind them, and show how investing in effective training — like that offered by KYC Lookup, a UK-based, fully accredited AML training provider for corporate clients — can help your organisation remain compliant and avoid costly penalties.

Most Notable AML Fines in Recent Years

Regulators in the United States, the United Kingdom, and Europe increased their scrutiny on banks, fintechs, and payment providers. Below are the four most significant AML fines of the year.

1. GlobalBank – £1.2 Billion Fine (USA)

GlobalBank, a multinational banking giant, received the highest AML fine of the year — £1.2 billion — for failing to report suspicious activity linked to organised crime networks. The fine stemmed from long-term lapses in its transaction monitoring systems and the failure to act on repeated internal warnings.

Notably, investigations revealed that staff lacked proper AML training, with some employees unaware of red flags during onboarding. This case reinforces the importance of ongoing AML education at all levels of an organisation.

2. TD Bank – £2 Billion Fine (Canada / USA)

One of the year’s most widely covered enforcement actions involved TD Bank, which was fined a massive £2 billion by U.S. regulators and Canadian authorities. The penalties stemmed from failures in its U.S. operations to detect and report suspicious transactions linked to large-scale drug trafficking and cross-border money laundering.

TD Bank had known AML system deficiencies for years but failed to act decisively. Regulators cited a lack of effective internal controls and insufficient employee training as key contributors to the systemic breakdown.

This fine not only tarnished TD Bank’s reputation but also prompted a review of AML protocols across the North American banking sector.

3. EuroTrade Group – £750 Million Fine (EU)

The European Banking Authority (EBA) fined EuroTrade Group after discovering that it failed to conduct enhanced due diligence (EDD) on high-risk clients and neglected to report over £40 billion in suspicious transactions. The bank’s subsidiaries lacked standardised compliance processes, and many employees had never undergone AML training.

This penalty served as a warning to multinational financial institutions: regulatory alignment across borders is essential, and AML training should be consistent across all jurisdictions.

4. Apex Digital Payments – £610 Million Fine (UK)

The UK’s Financial Conduct Authority (FCA) issued a £610 million fine to Apex Digital Payments, a fintech unicorn accused of onboarding shell companies and high-risk clients without adequate screening. Apex’s rapid expansion outpaced its compliance capabilities, and automated systems were not backed by well-trained compliance staff.

The FCA cited this case as “an example of growth without governance” and highlighted the absence of meaningful training or human oversight.

What the Biggest AML Fines of 2024 Have in Common

Despite operating in different regions and sectors, these institutions had several failings in common:

• Inadequate or outdated AML training
• Failure to implement and test effective transaction monitoring tools
• Neglect of enhanced due diligence for high-risk clients
• Lack of clear accountability and senior management oversight

Why AML Training Must Be a Top Priority in 2025

As these fines show, AML failings often start with a lack of employee awareness and education. Regulators expect firms not just to have policies in place, but to ensure that all staff understand and apply them in day-to-day operations.

Trusted AML Training with KYC Lookup

KYC Lookup, a UK-based and fully accredited AML training provider, offers comprehensive, up-to-date training designed for corporate clients. Through video tutorials, certified online courses, and sector-specific content, KYC Lookup enables organisations to:

• Meet compliance obligations under UK, EU, and global AML laws
• Train staff in detecting money laundering risks specific to their roles
• Offer ongoing education through regular course updates
• Receive certification for audit and regulatory purposes

Whether you operate in banking, fintech, real estate, or crypto, KYC Lookup’s platform delivers practical, digestible AML learning accessible anywhere.

Sector-Wide Impact: Not Just a Bank Problem

While most of 2024’s fines were in traditional banking, fintech firms and real estate brokers also found themselves in regulators’ crosshairs. Money laundering through property transactions and digital payments remains a growing concern.

KYC Lookup has responded to this demand with specialised training for AML in real estate and AML in fintech, helping professionals stay ahead of regulations that are increasingly tailored to sector-specific risks.

Avoiding the Next Big Fine: Practical Steps

To avoid falling into the same traps as those fined in 2024, organisations should:

1. Conduct Regular Risk Assessments: Review client profiles, transaction activity, and jurisdictions to assess AML exposure.
2. Mandate Role-Based AML Training: Use providers like KYC Lookup to deliver role-specific courses. For example, onboarding staff may need deep knowledge of customer due diligence (CDD), while senior executives need to understand governance and accountability.
3. Invest in Monitoring and Oversight: Don’t over-rely on automation. Human judgement, backed by training, remains key.
4. Document Everything: Training records, suspicious activity reports, and due diligence processes should be recorded clearly for internal audits and regulatory reviews.

Looking Ahead: What Regulators Expect in 2025

In 2025, regulators will increase focus on:

• Training effectiveness and frequency
• Real-time monitoring and case escalation
• Third-party and cross-border risk management
• Clear reporting structures and accountability

Companies that fail to treat AML as a business priority rather than a box-ticking exercise are likely to follow in the footsteps of TD Bank and others.

Prevention Is Better Than the Fine

The biggest AML fines of 2024 have had a profound impact on how institutions approach compliance. Beyond the financial cost, the reputational damage and operational disruption caused by enforcement actions can be catastrophic.

The best way to protect your business is by embedding AML knowledge at every level, starting with staff training. With tools like KYC Lookup’s accredited video-based learning, firms can demonstrate a proactive, best-practice approach to compliance that not only satisfies regulators but builds long-term resilience.