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 in Q4 2023.
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December 2023
1. Pictet Group - $123 million
Pictet to pay USD 123 million to US Treasury for helping US clients commit tax evasion
2. Freepoint Commodities - $98.6 million
Freepoint Commodities to pay USD 98.6 million to settle Brazilian bribery scheme charges
3. Ozys - $81.7 million
Orbit Bridge loses USD 81.7 million in cyberattack
4. US Bancorp - $35.7 million
US Bank fined USD 35.7 million after mishandling benefit access via prepaid cards mid-pandemic
5. CITIC Group - $31.7 million
China CITIC fined CNY 224.8 million for 56 different risk management and governance violations
November 2023
1. Sai Gon Joint Stock Commercial Bank - $12.53 billion
SCB majority shareholder embezzles VND 304.10 trillion aided by board members and executives
2. Binance - $4.32 billion
Binance pays USD 4.32 billion to US regulators for extensive US sanctions and AML violations
3. Toyota Motor Corporation - $60 million
Toyota Motor Credit to pay USD 60 million to CFPB for illegal lending practices
4. AUB Group - $46.6 million
Tysers fined USD 46.6 million for bribing Ecuador officials to keep reinsurance business
5. Rabobank - $29 million
Rabobank fined EUR 26.6 million by EC over Euro-denominated bonds trading cartel
October 2023
1. TD Bank - $95 million
TD Bank settles USD 95 million with victims of TelexFree Ponzi scheme
2. General Electric - $61 million
GE to pay USD 61 million for alleged self-dealing in 401(k) plan before divestment
3. Metropolitan Commercial Bank - $29.5 million
Metropolitan Commercial Bank fined USD 29.5 million over customer identification via partner
4. Allstate - $25 million
Allstate reaches USD 25 million settlement over forbidden price optimisation
5. ADM Investor Services - $11.3 million
ADM Investor Services to pay GBP 9.3 million for ongoing AML compliance failures
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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