Banks worldwide faced a total of $4.5 billion in fines in 2024, with TD Bank accounting for two-thirds of the total after pleading guilty to violating U.S. anti-money laundering (AML) laws.

According to data from Finbold, U.S. authorities imposed $4.08 billion in penalties—90.67% of the global total—across 19 cases. TD Bank bore the brunt, paying $3.09 billion following a multi-agency investigation into weak compliance controls that allowed its American subsidiary to facilitate illicit financial activities.

JPMorgan Chase faced the second-largest penalty, paying $348.2 million for failing to properly monitor firm and client trading activities for market misconduct. The United Kingdom ranked second in total fines levied, with regulators issuing 10 penalties amounting to $261.7 million. British and Swedish regulators also enforced the largest individual penalties outside the U.S., with the UK’s Prudential Regulation Authority fining HSBC $74.12 million in January 2024 for failing to implement depositor protection, while Sweden’s Klarna Bank AB was penalized $46 million later in the year for AML violations.

Report co-author Andreja Stojanovic highlighted the dominance of U.S. regulators in global banking penalties, noting that while the U.S. accounted for the majority of the total fine value, the share of individual fines—33% with 19 out of 57 recorded—was proportionate. He suggested this figure may even be understated, given the country’s extensive banking sector, which includes over 4,000 financial institutions.