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 |
