Westpac third most fined bank in the world

westpac/AUSTRAC/Goldman-Sachs/banks/fines/

14 October 2020
| By Chris Dastoor |
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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

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