$4.5 Billion in Fines: The 2024 Global Crackdown on Bank Non-Compliance

The 2024 Bank Fines Report is a wake-up call for the finance industry: compliance isn’t a one-off task, but an ongoing priority.

Globally, banks and financial institutions racked up $4.5 billion in fines in 2024, with U.S. companies making up the overwhelming majority of offenders.

The Big Picture Report

U.S. firms were responsible for over 90% of the fines, spread across 19 different violations. While the sheer scale of penalties in the U.S. grabs headlines, it also highlights the country’s rigorous and ‘unforgiving’ regulatory environment.

The report outlined recurring mistakes behind the largest fines, with Anti-Money Laundering (AML) violations standing out as the most costly. Toronto-Dominion Bank (TD Bank) received the largest fine of the year, $3.09 billion, after its U.S. subsidiary was found complicit in laundering funds. That single penalty represented nearly 70% of all U.S. fines in 2024, underscoring regulators’ zero tolerance for AML failures. JPMorgan Chase & Co. was also flagged, paying nearly $350 million in civil penalties for deficiencies in its monitoring systems.

As former U.S. Deputy Attorney General Paul McNulty put it: “If you think compliance is expensive, try non-compliance.”

Why This Matters for Your Business

The report is a clear warning to businesses operating internationally: the cost of non-compliance is rising. With global trade and e-commerce expanding, managing cross-border payments and navigating diverse regulations is more complex than ever.

Whether intentional or accidental, compliance failures lead to severe fines, reputational damage, and loss of trust.

Building a secure, compliant payments infrastructure is no longer optional but essential. Manual processes and outdated systems simply can’t keep up, hence choosing the right payment partner matters.

How Sendsprint Ensures Compliance

At Sendsprint, we understand these challenges, and have built our technology as a licensed, compliant cross-border payment infrastructure designed to serve you.

Our Market Entry Toolkit was built with strong security and compliance features, such as:

• Regulation and Licensing: We have the licenses required to conduct business, guaranteeing that every transaction complies with regulatory standards.
• Strong AML/KYC Structures: To deter illegal activity and safeguard your company, our system is designed with sophisticated KYC and Anti-Money Laundering measures.
• Reliable Infrastructure: We offer you a protected environment in which to do business by utilizing cutting-edge security methods to protect all data and operations.

At Sendsprint, we’ve built a licensed, compliant cross-border payments infrastructure designed for scale and security. Our Market Entry Toolkit gives you confidence and peace of mind because:

• We hold the necessary licenses to ensure every transaction aligns with global regulatory standards.

• We have advanced systems to deter financial crime while protecting your business.
• Our State-of-the-art Infrastructure and reliable security safeguards your data and operations, ensuring trust at every step.

The 2024 fines prove one thing: overlooking compliance is a risk no business can afford. But with the right partner, you can scale confidently without fear of regulatory missteps.

Partner with Sendsprint so your business becomes a growth story, not a cautionary tale.

Book a demo with Sendsprint today to get started.