Aussie banks rank second in financial penalties

banks/westpac/NAB/penalties/

12 January 2021
| By Oksana Patron |
image
image
expand image

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

 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

1 month 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

2 weeks 5 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 4 days ago

TOP PERFORMING FUNDS