Monthly Top 5 ORX News Losses – February 2019

  • 12 March 2019

1.   QuadrigaCX, Canada – $137m

QuadrigaCX CEO’s death renders CAD 180 million in customer cryptocurrency funds inaccessible.

Business Line: BL0501 Cash Clearing

Event Type: EL0401 Suitability, Disclosure & Fiduciary

2.  Standard Chartered, United Kingdom – $133.3m

Standard Chartered provisions GBP 102.2 million over deficiencies in financial crime controls.

Business Line: BL0901 Private Banking

Event Type: EL0402 Improper Business or Market Practices

3.  Bank Khreschatyk, Ukraine – $82.9m

Bank Khreschatyk defrauded of UAH 2.3 billion through fraudulent security investments.

Business Line: BL0203 Corporate Investments

Event Type: EL0102 Internal Theft & Fraud

4.  Evison Holdings, Russian Federation – $37.5m

Vostochny Bank allegedly defrauded of RUB 2.5 billion through fraudulent share deal.

Business Line: BL0401 Commercial Banking

Event Type: EL0102 Internal Theft & Fraud

5.  Stella-Bank, Russian Federation – $30.5m

Stella-Bank owner embezzles RUB 2 billion through fraudulent loans and inflated interest.

Business Line: BL0401 Commercial Banking

Event Type: EL0102 Internal Theft & Fraud

The operational risk year to date

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

February 2019 chart

Download February's Top 5

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.

ORX News is an industry-leading provider of publicly reported operational risk loss events.

Find out more about the service