When businesses or individuals fail to comply with laws or regulations, financial penalties can be imposed. However, there are several synonyms for the term "financial penalty" that can be used to describe the same thing. This includes fines, fees, charges, levies, and sanctions. Fines and fees are commonly used in relation to traffic violations and other minor offenses. Charges are often associated with banking or credit card fees. Levies are taxes or duties imposed by government authorities. Sanctions may be imposed by international bodies, such as the United Nations, to punish nations for violating global standards. Regardless of the term used, financial penalties are intended to provide a deterrent effect against future violations.