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A recently released report by Finbold showed a tally of banks and countries served with fines due to breaching money laundering regulations and leaking private data. The compilation is arranged from the highest-fined to the lowest. The USA has 12 banks fined, standing as the largest number in the tally by far as China followed it with 7.
More Details on the Report
Finbold’s report further stated that the banks’ faults varied, including not following Anti-Money Laundering protocols (AML), sharing private information, and violating guidelines like the KYC. Of the violations mentioned, the most dubious and common one is money laundering.
Goldman Sachs was the biggest culprit with a fine of €3.3 Billion, with Wells Fargo having the second-largest penalty at €2.5 Billion. According to the report, some of the other countries whose banks got fined by financial regulators include Australia, Sweden, Germany, UK, Israel, Brazil, and Kenya.
A Trail of Skeptical Transactions
In mid-2020, Malaysian prosecutors’ lawsuits bombarded Goldman Sachs following allegations of the bank’s units raising billions of dollars illegally in Malaysia. Reports say that Goldman Sachs raised the money for a fund named 1MDB, whose stakeholders happened to be using it as a piggy bank. The company came to terms with giving a $3.9 billion settlement to the country. The scandal led to the conviction of Malaysia’s Prime Minister Najib Razak.
US federal authorities fined Wells Fargo pending the revelation of numerous fake accounts the bank created in its system. The investigations by the justice department and SEC are said to have started years ago, and in the end, led to a $3 billion fine on the shipment company.
Wells Fargo was obliged to admit their faults, including falsification of bank records, discrediting its clients, and wrongly imposing fees and interest on banking transactions, a feat that saw them make millions of dollars.
JP Morgan, a visible bank among the topmost fined banks on the Finbold report, is fined due to market manipulation. Financial regulators made sure that the bank got a $920 million fine for its illegally obtained profits. The bank’s market rigging activities took place in 8 years, starting from 2008-2016.
Canada’s Bank of Nova Scotia also received the same fate from the country’s financial watchdog, with an extra fee added for misleading the regulators in their first investigation.
UK’s FCA imposed a fine on Lloyd’s Banking Group for mistreating its mortgage customers, specifically when they had financial difficulties.