Do you know which op risk loss events have had the most impact recently? Read on for the 5 largest operational risk losses reported by ORX News in Q1 2021.
March
1. Sberbank – $108.2m
Sberbank defrauded of RUB 8 billion through commercial loans to supermarket chain.
2. Sandell Asset Management – $105.0m
Sandell Asset Management settles for USD 105 million with NY AG over tax evasion claims.
3. Hutton Ventures – $53.0m
Hutton Ventures ordered to pay USD 53 million for deceptive student debt relief practices.
4. Mercuria Energy Group – $36.0m
Mercuria defrauded of USD 36 million as purchased copper replaced with painted paving stones.
5. Rahn+Bodmer – $22.0m
Rahn+Bodmer pays USD 22 million to US for conspiring to facilitate tax evasion.
February
1. Navient – $22.2m
Navient ordered to repay USD 22.3 million to US government for overpaid student loan subsidies.
2. Bitfinex and Tether – $18.5m
Bitfinex and Tether agree to pay a USD 18.5 million NY AG settlement for deceptive conduct.
3. NWB Bank – $9.9m
NWB Bank defrauded of EUR 12 million loan based on forged documents.
4. CaixaBank – $2.4m
CaixaBank fined EUR 2 million by CNMV for mis-selling complex financial products.
5. BNL – $1.2m
BNL vaults accessed by thieves who steal an estimated EUR 1 million by disabling alarm system.
January
1. Deutsche Bank – $122.9m
Deutsche Bank pays USD 123 million in settlements over alleged bribery and corruption.
2. Wells Fargo – $40.0m
Wells Fargo to settle USD 40 million for overcharging payment processing fees.ry
3. Nasdaq Clearing – $36.2m
Nasdaq Clearing fined SEK 300 million over deficiencies in operations and margin requirements.
4. MT Global – $32.4m
MT Global fined GBP 23.8 million by HMRC for AML and record-keeping failures.
5. Capital One – $13.0m
Capital One to settle USD 13 million class action over unfair ATM balance inquiry fees.
About ORX News
Stay on top of the latest operational risk losses with ORX News. ORX News is a leading source for information and analysis on publicly reported operational risk loss events from around the globe.
Created specifically for the financial sector, ORX News can help you:
- Identify loss trends you need to be aware of
- Provide data and information to support scenario modelling
- Enhance your internal loss data
- Raise awareness of operational risk across your organisation
