Global banks racked up $11.39 billion in fines YTD

Global banks racked up $11.39 billion in fines YTD with US banks accounting for 75%

Fines were imposed by regulators for breaches of different protocols like Anti-Money Laundering (AML), violation of Know Your Customer (KYC) and operating guidelines, personal data leaks, among others. The data was sourced from various publicly available sources by including only fines higher than €500k EUR ($592k USD); the real numbers of violations can be drastically higher.

The top ten banks with the biggest fines imposed by the regulators YTD:

Rank Bank Country Total Fine in Billion $USD
1 Goldman Sachs US $3.97
2 Wells Fargo US $2.96
3 JPMorgan Chase US $0.92
4 Westpac Australia $0.9
5 Bank Hapoalim Israel $0.89
6 Swedbank Sweden $0.42
7 Citigroup US $0.39
8 Deutsche Bank Germany $0.14
9 Scotiabank Canada $0.12
10 TD Bank US $0.12

Other key findings from this report include:

  • Global banks fined $11.39 billion in 2020 YTD

  • The US banks racked up $8.53 billion in fines in 2020, 74.89% of $11.39 billion of all banking fines globally

  • In the US, eight separate banks were fined

  • The most common violation is Anti-money laundering breaches

  • In total, over 30 banks globally were fined with a bigger than 500k EUR fine in 2020 YTD.


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