Australian banks accounted for the second-highest financial penalties in 2020, which amounted to $981.06 million in fines from three cases, while the US banks topped the list with the highest fines of $11.11 billion from 12 violations in 2020, according to Finbold.
The Australian banks that were identified in the Finbold’s Bank Fines 2020 report were Westpac, which individually was the fifth-highest fined bank in the world, and NAB which received two financial penalties last year.
Overall, total fines for the banks’ violations in 2020 stood at $15.15 billion and were issued against major banks for 49 violations worldwide.
The Netherlands banks came third with $916.83 million from one case, while Israel was fourth with $902.59 million bank fines also from a single case.
At the same time, the largest single fine in 2020 was issued to Goldman Sachs at $3.90 billion.
The top five banks with the highest individual penalties in 2020