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 Q3 2021.
September
1. BitConnect – $2000m
BitConnect executives allegedly embezzle BTC 325,000 investor funds in fraudulent offering.
2. Erste Abwicklungsanstalt – $1168.4m
Erste Abwicklungsanstalt found liable for around EUR 1 billion WestLBcum-ex tax debt.
3. ABN Amro Group – $297m
ABN AMRO provisions EUR 250 million over interest calculations on revolving credits.
4. Interactive Brokers Group – $84.3m
Interactive Brokers to pay USD 84.3 million for failing to adequately prepare trading system.
5. Wells Fargo & Company – $72.7m
Wells Fargo USD 72.7 million DoJsettlement for overcharging customers using FX services.
August
1. Poly Network – $269m
Poly Network loses USD 269 million in cryptocurrencies in hack exploiting system vulnerability.
2. Livingston Group Asset Management Company – $110m
Southport Capital CEO alleged USD 110 million Ponzi scheme defrauds hundreds of customers.
3. HDR Global Trading Limited – $100m
BitMEXto pay USD 100 million for operating illegally and having insufficient AML controls.
4. Quoine – $97m
Liquid loses over USD 97 million in cryptoassetsvia hack on warm wallets.
5. Crédit Agricole – $95.1m
Amundi entities to pay EUR 80.1 million for alleged manipulation of Euro Stoxx 50 Futures.
July
1. Westpac – $255.1m
Westpac exposed to AUD 341 million loss through Forum Financing leasing invoice fraud.
2. LBGI – $125.2m
LBGI fined GBP 90.7 million for misleading language in 9 million home insurance renewals.
3. TIAA – $97m
TIAA pays USD 97 million for failure to disclose conflict of interest in pension plan advice.
4. Sumimoto Mitsui – $73.9m
Sumimoto Mitsui exposed to AUD 98.9 million loss through Forum Finance leasing invoice fraud.
5. Westpac – $65.1m
Westpac to pay AUD 87 million remediation to customers for failing to pass on corporate action.
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.
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