Westpac third most fined bank in the world
Westpac Banking Corporation is the third most fined banking company in the world, year to date, according to research from Finbold.
Westpac’s US$900 million in fines (AU$1.3 billion) was behind two US banks: Goldman Sachs ($3.97 billion) and Wells Fargo ($2.96 billion).
Australia was the second most fined country, totalling $909.72 million, compared to $7.61 billion for the US.
Anti-money laundering breaches were the most common violation, which included Westpac’s AUSTRAC fine – the nation’s biggest breach of money laundering laws.
Fines were imposed by regulators for breaches of different protocols including Anti-Money Laundering, violation of Know Your Customer and operating guidelines, and personal data leaks; the data was sourced from various publicly available sources.
The top ten banks with the biggest fines imposed by the regulators:
|
Rank |
Bank |
Country |
Total Fine in Billion $USD |
|
1 |
Goldman Sachs |
US |
$3.97 |
|
2 |
Wells Fargo |
US |
$2.96 |
|
3 |
Westpac |
Australia |
$0.9 |
|
4 |
Bank Hapoalim |
Israel |
$0.89 |
|
5 |
Swedbank |
Sweden |
$0.42 |
|
6 |
Citigroup |
US |
$0.39 |
|
7 |
Deutsche Bank |
Germany |
$0.14 |
|
8 |
Scotiabank |
Canada |
$0.12 |
|
9 |
TD Bank |
US |
$0.12 |
|
10 |
SEB bank |
Sweden |
$0.11 |
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