Data acquired from the Bank Fines Report 2020 by Finbold.com indicates a total of $15.13 billion (€12.79 billion) in aggregated bank fines last year. The bank fines covered the period of January 1, 2020 to December 31, 2020.
U.S. 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 percent 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.
With two cases, Sweden had $539.66 million in fines to rank fifth, while Germany follows, with $215.91 million from four cases.
The United Kingdom is seventh, with banks amassing $156.51 million in fines from four cases, followed by Canada at $127.39 million from a single case.
With seven cases, China saw authorities fine banks a total of $83.03 million, while Iran ranks 10th, with $37.03 million from one case.
The largest single fine was issued to Goldman Sachs, at $3.90 billion. In total, the facility amassed $6.25 billion in fines. Wells Fargo had the second-highest, from a single case at $3 billion. Goldman Sachs accounted for the third-highest fine from a single case, at $2 billion.
Finbold.com chief editor Oliver Scott commented: “Fines on financial institutions are projected to grow in the coming years, as the U.S. and other countries reforms 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.”
Authorities from different countries issued the fines due to varying violations, but failure to adhere to anti-money laundering protocols was the leading violation.
The report includes fines higher than €500,000; the real numbers of violations can be drastically higher.
Countries Ranked by Total Bank Fine Amount in 2020
Rank | Country | Total fine per country in million USD | Number of fines |
1 | United States | $11,110.00 | 12 |
2 | Australia | $981.06 | 3 |
3 | Netherlands | $916.83 | 1 |
4 | Israel | $902.59 | 1 |
5 | Sweden | $539.66 | 2 |
6 | Germany | $215.91 | 4 |
7 | UK | $156.51 | 4 |
8 | Canada | $127.39 | 1 |
9 | China | $83.03 | 7 |
10 | Iran | $37.03 | 1 |
Read the full Bank Fines 2020 report here: https://finbold.com/bank-