Top 5 ORX News Losses: Q3 2021

  • 8 October 2021

Do you know which op risk loss events have had the most impact recently? Read on for the 5 largest operational risk losses reported by ORX News in Q3 2021.

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September

1. BitConnect – $2000m

BitConnect executives allegedly embezzle BTC 325,000 investor funds in fraudulent offering.

2. Erste Abwicklungsanstalt – $1168.4m

Erste Abwicklungsanstalt found liable for around EUR 1 billion WestLBcum-ex tax debt.

3. ABN Amro Group – $297m 

ABN AMRO provisions EUR 250 million over interest calculations on revolving credits.

4. Interactive Brokers Group – $84.3m 

Interactive Brokers to pay USD 84.3 million for failing to adequately prepare trading system.

5. Wells Fargo & Company – $72.7m

Wells Fargo USD 72.7 million DoJsettlement for overcharging customers using FX services.

Download September's Top 5

August

1. Poly Network – $269m

Poly Network loses USD 269 million in cryptocurrencies in hack exploiting system vulnerability.

2. Livingston Group Asset Management Company – $110m

Southport Capital CEO alleged USD 110 million Ponzi scheme defrauds hundreds of customers.

3. HDR Global Trading Limited – $100m 

BitMEXto pay USD 100 million for operating illegally and having insufficient AML controls.

4. Quoine – $97m 

Liquid loses over USD 97 million in cryptoassetsvia hack on warm wallets.

5. Crédit Agricole – $95.1m

Amundi entities to pay EUR 80.1 million for alleged manipulation of Euro Stoxx 50 Futures.

Download August's Top 5

July 

1. Westpac – $255.1m

Westpac exposed to AUD 341 million loss through Forum Financing leasing invoice fraud.

2. LBGI – $125.2m

LBGI fined GBP 90.7 million for misleading language in 9 million home insurance renewals.

3. TIAA – $97m 

TIAA pays USD 97 million for failure to disclose conflict of interest in pension plan advice.

4. Sumimoto Mitsui – $73.9m 

Sumimoto Mitsui exposed to AUD 98.9 million loss through Forum Finance leasing invoice fraud.

5. Westpac – $65.1m

Westpac to pay AUD 87 million remediation to customers for failing to pass on corporate action.

Download July's Top 5

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