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2024 fines report: how much banks paid for their mistakes. the country that levied the most was the us. an interesting outlier in the statistics has been china. finbold’s bank fines report uncovered that banks paid $4.5 billion in major fines worldwide throughout 2024. the country that levied the most was the us which ordered banks to pay a total of $4.08 billion – 90.67 percent of the $4.5 billion total – across 19 penalties. the uk took second place, levying the payment of $261.68 million across ten fines. the biggest bank fines of 2024. the bank fined the most was the toronto-dominion bank (td bank), which was fined $3.09 billion due to a multi-agency investigation into improper controls that enabled the corporation’s american subsidiary to launder illicit funds. the penalties levied against td bank announced on october 10, account for 68.67 percent of all 2024 fines in the sector. mostly money-laundering. furthermore, the most common violation in 2024 was the breach of anti-money laundering (aml) laws and regulations. the bank that paid the second-largest fine of $348.20 million – j.p. morgan chase – was penalized for «an inadequate program to monitor firm and client trading activities for market misconduct.». nearly a decade. interestingly, the relevant violation was ongoing for nearly a decade, from 2014 to 2023. the fine was announced on march 13, 2024. the uk and sweden follow the us in bank fine totals. elsewhere, british and swedish regulators enforced the two biggest individual penalties outside the us. no clear timetable. in january 2024, the uk’s prudential regulation authority (pra) fined hsbc bank $74.12 million for failing to implement depositor protection. in the last months of the year, sweden penalized klarna bank for aml violations to the tune of $46 million. klarna is set to conduct its initial public offering (ipo) in 2025 and is expected to remedy its aml situation. however, erik blommé, the director of sweden’s money laundering supervision, highlighted that the ruling was not an injunction and that, therefore, there is no clear timetable. us levies 90 percent of the penalty amount but accounts for only 33 percent of the fines. lastly, though the fine sizes in 2024 have been lopsided with the us in a clear lead, watchdogs across the globe have been active. as andreja stojanovic, a co-author of the report, pointed out: «while the us has levied an outsized proportion of the total value of penalties, the share of individual fines imposed in the country – 33 percent with 19 out of the total 57 fines recorded – is more appropriate, possibly even downscaled given the fact the country is home to more than 4,000 banks.». where is china? an interesting outlier in the statistics has been china. despite having the world’s second-largest economy by nominal gross domestic product (gdp), it imposed only three fines in 2024 and, levying a total of $31.22 million, came in behind both sweden and finland in terms of the total penalty amount.
2024 Fines Report: How Much Banks Paid For Their Mistakes
The country that levied the most was the US. An interesting outlier in the statistics has been China.
Finbold’s Bank Fines Report uncovered that banks paid $4.5 billion in major fines worldwide throughout 2024. The country that levied the most was the US which ordered banks to pay a total of $4.08 billion – 90.67 percent of the $4.5 billion total – across 19 penalties.
The UK took second place, levying the payment of $261.68 million across ten fines.
The Biggest Bank Fines of 2024
The bank fined the most was the Toronto-Dominion Bank (TD Bank), which was fined $3.09 billion due to a multi-agency investigation into improper controls that enabled the corporation’s American subsidiary to launder illicit funds.
The penalties levied against TD Bank announced on October 10, account for 68.67 percent of all 2024 fines in the sector.
Mostly Money-Laundering
Furthermore, the most common violation in 2024 was the breach of anti-money laundering (AML) laws and regulations.
The bank that paid the second-largest fine of $348.20 million – J.P. Morgan Chase – was penalized for «an inadequate program to monitor firm and client trading activities for market misconduct.»
Nearly a Decade
Interestingly, the relevant violation was ongoing for nearly a decade, from 2014 to 2023. The fine was announced on March 13, 2024. The UK and Sweden follow the US in bank fine totals
Elsewhere, British and Swedish regulators enforced the two biggest individual penalties outside the US.
No Clear Timetable
In January 2024, the UK’s Prudential Regulation Authority (PRA) fined HSBC Bank $74.12 million for failing to implement depositor protection. In the last months of the year, Sweden penalized Klarna Bank for AML violations to the tune of $46 million.
Klarna is set to conduct its initial public offering (IPO) in 2025 and is expected to remedy its AML situation. However, Erik Blommé, the Director of Sweden’s Money Laundering Supervision, highlighted that the ruling was not an injunction and that, therefore, there is no clear timetable.
US levies 90 percent of the penalty amount but accounts for only 33 percent of the fines
Lastly, though the fine sizes in 2024 have been lopsided with the US in a clear lead, watchdogs across the globe have been active. As Andreja Stojanovic, a co-author of the report, pointed out: «While the US has levied an outsized proportion of the total value of penalties, the share of individual fines imposed in the country – 33 percent with 19 out of the total 57 fines recorded – is more appropriate, possibly even downscaled given the fact the country is home to more than 4,000 banks.»
Where is China?
An interesting outlier in the statistics has been China. Despite having the world’s second-largest economy by nominal gross domestic product (GDP), it imposed only three fines in 2024 and, levying a total of $31.22 million, came in behind both Sweden and Finland in terms of the total penalty amount.
