Despite daily assaults on Basel III rules by numerous bank lobbyists claiming Basel III will cause the demise of banking, data does not support their claims.
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The report reveals the list of banks that faced the biggest fines in 2020. Fines were imposed by regulators for breaches of different protocols like Anti-Money Laundering (AML), violation of Know Your Customer (KYC) and operating guidelines, personal data leaks, among others.
The bank fines covered the period of January 1st, 2020, to December 31st, 2020.
Bank Fines
US banks account for the highest fines from 12 violations in 2020. According to the findings, the United States accounts for the highest fines at $11.11 billion or 73.4% of the issued fines.
The fines emanated from 12 cases. Australia ranks second with $981.06 million in fines from three cases.
The Netherlands is third with $916.83 million from one case, while Israel is fourth with $902.59 million bank fines also from a single case.
Banks worldwide amass $14 billion in fines in 2020, US banks account for 78%
Data acquired from the
Bank Fines Report 2020 by Finbold.com indicates a total of $14.21 billion (€12.01 billion) in aggregated bank fines last year. The bank fines covered the period of January 1st, 2020, to December 31st, 2020.
According to the findings, the United States accounts for the highest fines at $11.11 billion or 78.18% of the issued fines. The fines emanated from 12 cases. Australia ranks second with $981.06 million in fines from three cases.
Israel ranks third with $902.59 million in bank fines from a single case.
Sweden had $539.66 million in fines to rank fourth with two cases, while Germany follows with $215.91 million from four cases.