According to Corlytics, the total amount of fines reached $19.3 billion, indicating a heightened focus from regulators on financial crimes and violations.
The largest enforcement action of 2024 was the penalty imposed on the cryptocurrency exchange FTX — $12.7 billion, which is to be distributed among the victims of the fraud. This marks the largest restitution in CFTC history.
TD Bank was fined $3 billion for breaching AML regulations. The U.S. Department of Justice imposed a criminal fine of $1.7 billion, while FinCEN imposed $1.3 billion. The OCC and the Federal Reserve also took action, emphasizing the seriousness of the violations.
“In 2024, we witnessed an exceptional volume of enforcement activity, with regulators demonstrating a clear commitment to holding firms accountable for compliance violations,” noted Suzy McKenzie, head of legal and regulatory analysis at Corlytics. “The record fines imposed on FTX, TD Bank, along with increased scrutiny of financial crime controls, governance weaknesses, and consumer protection issues, indicate that companies must be more proactive than ever in addressing regulatory risks.”