Monthly Top 5 ORX News Losses – March 2019

  • 9 April 2019

1.   Citigroup, United States – $49m

Citigroup pays USD 49 million in OCC fine and restitution for violating Fair Housing Act.

Business Line: BL0301 Retail Banking

Event Type: EL0401 Suitability, Disclosure & Fiduciary

2.  Goldman Sachs Group, United Kingdom – $45.3m

Goldman Sachs fined GBP 34.3 million by FCA for transaction reporting failures.

Business Line: BL0202 Global Markets

Event Type: EL0702 Monitoring & Reporting

3.  University Federal Credit Union, United States – $40.5m

CBS Employees Federal Credit Union manager embezzles USD 40.5 million through fake payments.

Business Line: BL0301 Retail Banking

Event Type: EL0102 Internal Theft & Fraud

4.  Dixons Carphone, United Kingdom – $39.5m

Carphone Warehouse to pay GBP 30.1 million over mis-selling of mobile phone insurance.

Business Line: BL2201 Property Casualty

Event Type: EL0401 Suitability, Disclosure & Fiduciary

5.  UBS, United Kingdom – $36.6m

UBS fined GBP 27.6 million by FCA for transaction reporting failures.

Business Line: BL0202 Global Markets

Event Type: EL0702 Monitoring & Reporting

The operational risk year to date

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

March 2019

Download March'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