Monthly Top 5 ORX News Losses – June 2019

  • 2 July 2019

1.   I Monetary Advisory, India – $287.6m

IMA defrauds investors of INR 20 billion in alleged Ponzi scheme.

Business Line: BL0301 Retail Banking

Event Type: EL0102 Internal Theft & Fraud

2.  Erste Group, Romania – $261.9m

Erste Group provisions up to EUR 230 million over Romanian housing subsidy programme.

Business Line: BL0301 Retail Banking

Event Type: EL0703 Customer Intake & Documentation

3.  Control-Finance, United Kingdom – $147.0m

Control-Finance defrauds investors of USD 147 million in Bitcoin trading Ponzi scheme.

Business Line: BL0801 Retail Brokerage

Event Type: EL0102 Internal Theft & Fraud

4.  State Street Corporation, United States – $94.3m

State Street pays USD 94.3 million for overcharging clients for custody-related expenses.

Business Line: BL0601 Custody Services

Event Type: EL0401 Suitability, Disclosure & Fiduciary

5.  Danske Bank, Denmark – $60.9m

Danske Bank to refund DKK 400 million after customers were overcharged for investment product.

Business Line: BL0301 Retail Banking

Event Type: EL0401 Suitability, Disclosure & Fiduciary

The operational risk year to date

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

June's top 5

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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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