Each month, the ORX News team publish a list of the five largest operational risk losses reported in the previous month. Read on to find out which operational risk loss events have had the most impact recently in Q4 2021.
December
1. Royal Bank of Scotland – $357.4m
NatWest Group fined GBP 269.5 million by FCA for AML failures.
2. JPMorgan Chase & Co. – $200m
JPMorgan to pay USD 200 million for failing to retain staff WhatsApp, text and email messages.
3. HSBC – $197.4m
HSBC fined EUR 174.3 million by EC for participating in FX spot trading cartel.
4. BitMart – $196m
BitMart suffers hack through theft of private key leading to losses of around USD 196 million.
5. Santander Group – $174.9m
Santander erroneously pays GBP 130 million to UK customer and business accounts.
November
1. Mashreqbank – $100m
Mashreqbank agrees to pay USD 100 million for alleged breach of Sudan related US sanctions.
2. bZeroX – $55m
bZx loses USD 55 million after theft of developer’s private keys in phishing attack.
3. Navient – $42.5m
Navient to pay USD 42.5 million to settle two class action suits over misleading investors.
4. Westpac – $42.4m
Westpac to pay at least AUD 59.4 million for charging deceased customers financial advice fees.
5. Westpac – $41.4m
Westpac to pay and provision at least AUD 58 million for charging inadequately disclosed fees.
October 2021
1. ING – $209.6m
ING provisions EUR 180 million over interest calculations on revolving credit.
2. BXH – $139.2m
BXH loses USD 139.2 million after hacker exploits administrator private key.
3. Cream Finance – $132m
Cream Finance loses USD 132 million in crypto assets in flash loan attack.
4. Commonwealth Bank of Australia – $111.1m
Colonial First State to pay AUD 150.1 million for misleading superannuation fund clients.
5. Not identifiable – $35m
Bank manager approves USD 35 million transfer from client account in deep fake voice clone scam.
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