Recent AML/KYC Fines (2024-2025)

Recent cases where US companies have been fined for anti-money laundering (AML) and Know Your Customer (KYC) shortcomings in 2024 and 2025 include major actions against TD Bank, OKX, Block (Cash App), City National Bank, and LPL Financial.

Notable US AML/KYC Fines (2024-2025)

TD Bank ($3 billion+ total)

In October 2024, TD Bank received record-breaking penalties from US authorities for systemic BSA/AML violations.

Violations: The bank failed to maintain an effective AML program, allowing three money laundering networks to transfer over $670 million through its accounts, including drug trafficking proceeds. Senior executives prioritized profit and customer convenience over compliance, with 92% of transaction volume going unmonitored between 2018 and 2024. Bank employees were also found to have accepted bribes to facilitate suspicious deposits.

Penalties: This included a $1.8 billion fine from the Department of Justice (DOJ), a $1.3 billion fine from the Financial Crimes Enforcement Network (FinCEN)—the largest in FinCEN history against a depository institution—and a $450 million fine from the Office of the Comptroller of the Currency (OCC). The bank also pleaded guilty to conspiracy to launder money and is subject to an independent monitor.

OKX ($500 million+)

In early 2025, cryptocurrency exchange OKX pleaded guilty to violating US AML laws and agreed to pay over $500 million in fines.

Violations: OKX failed to implement required AML and KYC policies for over seven years, which allowed over $5 billion in suspicious transactions and knowingly permitted US users to trade on its platform despite restrictions.

Block, Inc. / Cash App ($40 million)

In 2025, the parent company of Cash App agreed to a $40 million fine with the New York Department of Financial Services (NYDFS) to settle allegations of failing to prevent money laundering on its platform.

Violations: Regulators identified "critical gaps" in compliance with the Bank Secrecy Act, including poor customer due diligence, weak risk controls, and insufficient oversight of Bitcoin transactions.

City National Bank ($65 million)

In January 2024, the OCC fined City National Bank $65 million for unsafe or unsound practices, including failures in risk management and internal controls related to AML compliance and the Bank Secrecy Act.

LPL Financial ($18 million)

In January 2025, the SEC fined LPL Financial, a broker-dealer, for long-standing failures in its customer identification program.

Violations: The firm failed to properly vet customers and neglected to close or restrict thousands of high-risk accounts, such as those related to cannabis or foreign entities, which were prohibited under its own AML policies.

MGM Grand and The Cosmopolitan Casinos ($7.45 million settlement)

These Las Vegas casinos settled with the Financial Crimes Enforcement Network (FinCEN) in 2024 for failing to file suspicious activity reports (SARs) related to an illegal sports betting ring, allowing criminal proceeds to flow undetected.