Aussie banks rank second in financial penalties
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
Source: Finbold
AUTHOR
Oksana Patron
Recommended for you
While crypto continues to gain traction among investors globally, improving accessibility for financial advisers is key to helping them serve the demand from younger clients, but there are some barriers still hindering adoption.
Investment platform Praemium has reported strong 2024–25 financial year results, with large increases across a range of business metrics, which it credits to the firm’s strategy and high-net-worth focus.
Alternative investment manager Regal Partners has set a target of doubling its offshore funds under management within three years amid strong inflows from offshore investors in the first half of 2025.
Fitzpatricks Advice Partners has formed a strategic alliance with two chapters of a global business support and networking organisation, expanding its offering for the firm’s advisers.
