About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Briefs

UK Penalties for AML Regulatory Breaches More Than Double 2023 – Fenergo Research

Subscribe to our newsletter

According to a new analysis by Client Lifecycle Management and perpetual KYC solution provider Fenergo, financial institutions in the UK have experienced a sharp increase in the total value of AML-related fines despite a drop in the number of enforcement actions.

In 2024, the Financial Conduct Authority (FCA) issued three significant fines totalling $64.74 million, up from $25.2 million in 2023. While the overall number of AML penalties from the FCA has declined by 80% since 2022, the total value of fines has risen notably. Notable cases include Metro Bank ($21.8 million) and Starling Bank ($38.4 million), with an additional $4.5 million fine against CB Payments, part of the Coinbase Group, for weaknesses in financial crime control frameworks.

Fenergo’s data highlights mixed trends on a global scale. Although the total value of AML-related penalties worldwide dropped by 30% to $4.6 billion (from $6.5 billion in 2023), banks faced a 522% increase in fines, amounting to $3.65 billion. Penalties specifically tied to transaction monitoring breaches surged by 100% year-over-year to $3.3 billion.

Beyond AML, Fenergo’s research also points to growing enforcement actions related to environmental, social, and governance (ESG) practices. Global ESG-related fines nearly doubled, reaching $37.7 million in 2024, while in the United States, these fines rose by 13%, totalling $21.5 million.

Reflecting on these developments, Rory Doyle, Director of Regulatory Affairs at Fenergo, notes, “The surge in penalties for AML violations in banking in the UK and around the world underscores the relentless pace at which financial crime evolves, and the growing expectations placed on financial institutions by regulators. While progress is being made, the data serves as a clear reminder that compliance must continually adapt to meet new challenges.”

Key findings from 2024 global regulatory fines include:

  • Banks accounted for 80% of all fines, totalling $3.65 billion. TD Bank became the largest U.S. institution to plead guilty to Bank Secrecy Act (BSA) violations.
  • Digital asset platforms were fined $762.9 million.
  • Payments firms faced $54.8 million in penalties.
  • Buy-side firms received $52.85 million in fines.
  • Private banks were fined $48.2 million.

Doyle emphasizes the importance of proactive measures and technology adoption: : “In today’s environment, staying ahead isn’t just about monetary loss and avoiding fines — it’s about building trust, safeguarding stakeholders and maintaining operational resilience. As the financial landscape becomes increasingly complex, leveraging advanced technologies and fostering a culture of proactive compliance will be key to addressing regulatory demands and mitigating risk. This is particularly evident in the UK, where politically exposed person (PEP) risk assessments have grown increasingly complex compared to those in other jurisdictions.”

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: GenAI and LLM case studies for Surveillance, Screening and Scanning

As Generative AI (GenAI) and Large Language Models (LLMs) move from pilot to production, compliance, surveillance, and screening functions are seeing tangible results – and new risks. From trade surveillance to adverse media screening to policy and regulatory scanning, GenAI and LLMs promise to tackle complexity and volume at a scale never seen before. But...

BLOG

Symphony Extends Secure Messaging Into AI, Voice Assurance and Off-Channel Controls

Symphony is growing beyond its origins in secure messaging as financial institutions look for controlled ways to connect workflows, communication channels, voice data and AI across regulated markets. In a recent interview with RegTech Insight, CEO Ben Chrnelich framed the development around infrastructure already embedded in the Symphony network: directory, identity, permissions, encryption and connectivity....

EVENT

Data Management Summit New York City

Now in its 15th year the Data Management Summit NYC brings together the North American data management community to explore how data strategy is evolving to drive business outcomes and speed to market in changing times.

GUIDE

AI in Capital Markets Handbook 2026

AI adoption in capital markets has moved into a more disciplined phase. The priority is now controlled deployment: where AI can be used safely, where it can deliver measurable value, and how outputs can be governed, monitored and evidenced. The 2026 edition of the AI in Capital Markets Handbook examines how AI is being applied...