Bank / Credit Union
Banks worldwide amass $15 billion in fines
January 11, 2021
Data acquired from theBank Fines Report 2020by Finbold.com indicates a total of $15.13 billion in aggregated bank fines last year covering the period of Jan. 1st, 2020 to Dec. 31st, 2020 according to a press release. Authorities from different countries issued the fines depending on the violations, but the top violation committed was failure to adhere to anti-money laundering protocols.
According to the top five rankings, the U.S. accounts for 73.4% of the issued fines for a total of $11.11 billion from fines originating from 12 cases; Australia ranks second with $981.06 million in fines from three cases; Netherlands ranks third with $916.83 million from one case; Israel is fourth with $902.59 million bank fines in case and Sweden ranks fifth with $539.66 million in two cases.
The largest single fine was issued to Goldman Sachs at $3.90 billion, and in total the facility amassed $6.25 billion in fines. Wells Fargo had the second-highest fine from a single case at $3 billion.
