Global anti-money laundering (AML) fines decreased worldwide in 2025, totaling $3.8 billion, an 18% drop from $4.6 billion in 2024. This decline follows a similar trend from $6.6 billion in 2023, though regional variations reveal shifting enforcement priorities. Singapore, however, bucked the trend with a 579% surge in AML and counter-terrorist financing (CFT) fines from the Monetary Authority of Singapore (MAS).
Global AML Fine Trends
Penalties for AML, know-your-customer (KYC), sanctions, and customer due diligence (CDD) breaches fell amid fewer major U.S. cases, with North American fines dropping 58%. U.S. regulators issued $1.676 billion, still the highest globally, but down 61% due to staffing cuts and a government shutdown impacting capacity. Europe, Middle East, and Africa (EMEA) saw a massive 767% increase, led by France’s $1.11 billion, including a record $985 million (€835 million) fine on a Swiss bank.
Asia-Pacific fines rose 44%, driven by concluded investigations and sector-specific scrutiny. Digital asset firms faced heavy pressure, comprising nearly 25% of the top ten fines despite overall declines elsewhere. Fenergo’s analysis highlights how COVID-era issues are now surfacing in enforcement, signaling no regulatory softening.
Singapore’s Enforcement Surge
Singapore’s MAS imposed fines with a 579% year-over-year increase, reflecting post-scandal vigilance after a S$3 billion ($2.2 billion) money laundering case in 2023. In July 2025, MAS fined nine institutions S$27.45 million ($21 million) for AML/CFT breaches tied to that scandal, targeting banks and others for control weaknesses. Breaches included inadequate customer due diligence, transaction monitoring failures, and poor risk assessments on high-risk clients.
Earlier actions added to the total, like S$960,000 ($750,000) on five payment providers in June 2025 for cross-border transfer violations. Rory Doyle of Fenergo noted MAS’s focus on private banking, source of wealth (SOW), and source of funds (SOF) verification to bolster Singapore’s wealth hub status. These moves align with 2025 MAS AML/CFT updates, streamlining suspicious transaction reports and enhancing screening.
Key Drivers Behind Shifts
The global decline stems from U.S. capacity constraints under the Trump administration, which coordinated federal efforts but faced delays. EMEA’s rise reflects resolved multi-year probes, while APAC targeted crypto and wealth flows amid rising volumes. In Singapore, the 2023 scandal— involving foreign nationals laundering scam and gambling proceeds into assets—exposed systemic gaps, prompting MAS inspections from 2023-2025.
Regulators emphasize technology upgrades, with AI-driven systems urged to handle complexity. Fenergo warns firms lagging in modernization risk exposure as enforcement rebounds. Average investigations last 18 months, with banks bearing most penalties historically.
Regional Breakdown Table
Implications for Financial Sector
Firms must prioritize transaction monitoring, which drew $3.3 billion globally in prior years, and KYC enhancements. Singapore’s actions signal zero tolerance, potentially raising compliance costs but strengthening trust. Globally, expect rebound as U.S. capacity recovers and crypto scrutiny intensifies.
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