Monthly Top 5 ORX News Losses – August 2019

  • 5 September 2019

1.   ABN Amro Group, Netherlands – $127.7m

ABN AMRO makes EUR 114 million provision for customer due diligence remediation.

Business Line: BL0301 Retail Banking

Event Type: EL0703 Customer Intake & Documentation

2.  ITT Educational Services. United States – $60.0m

ITT agrees to pay USD 60 million over alleged predatory lending practices.

Business Line: BL0301 Retail Banking

Event Type: EL0401 Suitability, Disclosure & Fiduciary

3.  Central Bank of India, India – $49.6m

Central Bank of India defrauded of INR 3.55 billion in commercial loans through fake documents.

Business Line: BL0401 Commercial Banking

Event Type: EL0201 External Theft & Fraud

4.  CTBC Financial Holding, Hong Kong – $24.6m

CTBC executives embezzle TWD 773 million through takeover bids, real estate sales and loans.

Business Line: BL0401 Commercial Banking

Event Type: EL0102 Internal Theft & Fraud

5.  Deutsche Bank, China – $16.2m

Deutsche Bank reaches USD 16.2 million settlement with SEC over improper hiring practices.

Business Line: BL0101 Corporate Finance

Event Type: EL0402 Improper Business or Market Practices

The operational risk year to date

Summary of distribution, frequency and severity of ORX News event digests.

Top 5 August

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ORX News top five

Each month, the ORX News team publish a round-up of the five largest operational risk loss events recorded in the ORX News database.

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