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 2022.
December 2022
1. Wells Fargo – $1.7bn
Wells Fargo to pay and remediate USD 3.89 billion over consumer abuses across product lines.
2. Danske Bank – $1.39bn
Danske Bank to pay USD 1.39 billion penalty to US authorities over AML measures in Estonia.
3. Santander – $131.6m
Santander fined GBP 107.8 million by FCA over AML failures affecting business customers.
4. Academy Mortgage – $38.5m
Academy Mortgage pays USD 38.5 million to settle claims of improper mortgage underwriting.
5. Radiotechbank – $26m
Former Radiotechbank chairman charged with embezzling RUB 1.8 billion through fictitious loans.
November 2022
1. FTX – $477m
Bankrupt FTX suffers alleged hack resulting in losses of up to USD 477 million.
2. Glencore – $186.2m
Glencore to pay GBP 162.3 million to UK regulator over African bribery and corruption scheme.
3. Commonwealth Bank of Australia – $33.5m
CBA agrees to pay AUD 50 million to settle class action claims it mis-sold credit insurance.
4. ANZ – $28.1m
ANZ agrees to pay AUD 42 million to settle class action claims it mis-sold credit insurance.
5. Julius Baer – $21.6m
Julius Baer fined GBP 18 million for control failures concerning improper fees paid to finders.
October 2022
1. Credit Suisse – $234.6m
Credit Suisse to pay EUR 238 million to settle French money laundering and tax fraud charges.
2. Binance – $100m
Binance blockchain loses more than USD 100 million via exploited cross-chain bridge flaw.
3. Barclays – $56.1m
Barclays fined GBP 50 million by FCA over undisclosed fees in crisis-era Qatari fundraising.
4. Bittrex – $29.3m
Bittrex to pay around USD 29.3 million for sanctions violations and AML contraventions.
5. Customers Bancorp – $23m
Customers Bank agrees to pay USD 23 million over PPP loan dispute with fintech lender.
About ORX News
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