Fines for money laundering and sanctions violations in the United States fell sharply by 61% in 2025. A report released on December 31 by the Financial Times attributes this significant decline to a more lenient regulatory environment fostered under the administration of former President Donald Trump. As of December 19, total fines imposed for offenses related to what the Financial Times describes as “dirty money” reached nearly $1.7 billion, compared to $4.3 billion the previous year.
The report highlights that during his second term, President Trump instructed financial regulators to adopt a business-friendly approach. This shift has led to a reduction in investigations, particularly those targeting cryptocurrency companies. The decline in fines for breaches of sanctions, terrorism financing, and anti-money laundering (AML) regulations coincided with a global increase in such penalties, especially notable in countries like France, Switzerland, the United Kingdom, Canada, and the United Arab Emirates. Despite the uptick in other regions, worldwide penalties for these offenses decreased by 19% year-over-year, totaling $3.7 billion.
Daniel Stipano, head of AML at law firm Davis Polk and a former senior official at the Office of the Comptroller of the Currency, remarked, “There has definitely been a decrease in the number and magnitude of AML-based enforcement actions in the U.S. during the past year.” He indicated that this trend is largely driven by policy changes, although he noted that last year’s figures were significantly influenced by a major money laundering case involving TD Bank, which resulted in a $3 billion penalty.
Rory Doyle, head of financial crime at Fenergo, suggested that the drop in penalties could also stem from the 43-day government shutdown and staffing reductions across various regulatory agencies. He pointed out that the administration’s favorable stance on cryptocurrency may have further affected enforcement actions.
In a related development, the Treasury Department seeks to enhance the powers of its Financial Crimes Enforcement Network (FinCEN) by allowing it to override other regulators’ determinations regarding Bank Secrecy Act violations. This proposed change aims to ensure that regulatory bodies focus more on significant aspects of banks’ anti-money laundering efforts rather than merely technical compliance.
At a recent meeting of the Financial Stability Oversight Council, Jonathan V. Gould, the Comptroller of the Currency, emphasized the OCC’s commitment to continue AML reforms into 2026. With these ongoing efforts, it remains to be seen how the regulatory landscape will evolve in the coming years and whether enforcement actions will increase once again.
