Monthly Top 5 ORX News Losses – January 2018

  • 12 February 2018

1.   US Bank – $608m

US Bank has provisioned USD 608 million for investigations by US authorities into the bank’s AML compliance programme in relation to a USD 2 billion fraudulent payday loan scheme by businessman Scott Tucker

2.  Coincheck – $531.9m

Cryptocurrency exchange Coincheck lost around JPY 58 billion worth of NEM coins in a hack on its hot wallet.

3.  Postal Savings Bank of China – $488.5m

Postal Savings Bank of China loses CNY 3.09 billion through embezzlement and fines relating to illegal bill trading, including the misappropriation by internal staff of wealth management funds totalling CNY 3 billion and a fine of CNY 90.5 million by the CBRC.

4.  Rabobank – $372m

Rabobank announced that it provisioned EUR 310 million in Q4 2017 in anticipation of a settlement with the US DoJ over suspected violations of AML regulations.

5.  Pershing Square – $193.8m

Pershing Square Holdings agreed to pay USD 193.8 million to settle two shareholder class action claims that the fund manager, in partnership with Valeant Pharmaceuticals International, engaged in insider trading during the attempted hostile takeover of Botox manufacturer Allergan in 2014.

The operational risk year to date

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

January 2018

Download January'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