Finbold released a report on the global banks that were fined in 2020. According to the report, a total of US $14.21 billion has been fined collectively to the banks. The US banks have been ranked on the top accounting for the total fine of $11.11 billion making 73.4 percent of total fines from 12 cases.
Australia has ranked on the second number with a total of $981.06 million fines from 3 cases across the country. Israel has fallen on the third number with a total fine of $902.59 million for money laundering and tax evasion cases.
Sweden has ranked on number four with a total fine of $539.66M and five banks from Germany have accounted for $215.91M of fines.
Finbold’s chief editor Oliver Scott commented: “Fines on financial institutions are projected to grow in the coming years, as the U.S. and other countries reform existing regulations while increasing sanctions with anti-money laundering regulations remaining a key enforcement priority. However, banks are spending more on conforming to changing regulatory requirements. Overall, new and complex regulations are proving to be a challenge for the compliance departments of many lenders.”
However, the largest fine was imposed on the Goldman Sache of $3.90 billion, financial institutions in the U.S. Wells Fargo, a bank in the U.S has been fined around $3 billion, becoming the second-highest fine on an institution.
These organizations have been fined for various violations however but most fines have been due to the failure to comply with the anti-money laundering regulations. The report has been based on the US Treasury Department’s intelligence unit, the Financial Crime Enforcement Network, documents, reports, and investigations.
