Money laundering regularly reaches 5% of global GDP, according to research from technology firm Persona. Financial institutions of all sizes have recently been hit with fines tied to AML lapses. Wells Fargo, for example, was fined a total of about $98 million in 2023 after U.S. regulators said the bank had insufficient AML compliance due to trade finance software that dated to a system at Wachovia. Wells Fargo acquired Wachovia more than a decade ago.