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 |
AUTHOR
Chris Dastoor
Recommended for you
Bennelong Funds Management has signed a memorandum of understanding with US private credit manager Monroe Capital to distribute its products in Australia.
Global equity manager Talaria Capital has appointed a Sydney-based sales director as it grows its distribution presence across Australia.
Global private markets firm Partners Group has launched an evergreen fund to provide Australian advisers with access to its cross-sector royalties strategy.
Franklin Templeton has reduced fees for two of its Brandywine fixed income funds and enacted a name change for its Global Income Optimiser fund.
