Trends in AML Penalties for Financial Institutions
In recent years, several major financial institutions have faced regulatory action for anti-money laundering (AML) failures. Notably, TD Bank—one of Canada’s largest banks. In 2024 TD Bank was fined $3.09 billion for systemic compliance and AML governance failures.
Other notable institutions penalized along similar lines include:
- Danske Bank: Fined $2 billion in 2022 for AML lapses tied to Estonian branches.
- Westpac (Australia): Fined AUD $1.3 billion in 2020 for AML/CTF breaches involving child exploitation payments.
- HSBC: Paid $1.9 billion in 2012 for AML failures connected to Mexican drug cartels.
What can we learn from these enforcement actions as compliance practitioners?
Lets explore Trends in AML Penalties for Financial Institutions
