Monthly Top 5 ORX News Losses – November 2019

  • 5 December 2019

1. Itaú Unibanco, Brazil – $903.0m

Banco Itaú fined BRL 3.8 billion by City of São Paulo for evading tax by using fake addresses.

Business Line: BL0301 Retail Banking

Event Type: EL0402 Improper Business or Market Practices

2. Wells Fargo & Company, United States – $200.0m

Wells Fargo to pay USD 200 million to USAA for infringement of two mobile deposit patents.

Business Line: BL0301 Retail Banking

Event Type: EL0402 Improper Business or Market Practices

3. Financial.org, Taiwan, Province of China – $98.8m

Financial.org defrauds investors of TWD 3 billion through alleged Ponzi scheme.

Business Line: BL0801 Retail Brokerage

Event Type: EL0102 Internal Theft & Fraud

4. UBS, Hong Kong – $76.6m

UBS to pay HKD 600 million for overcharging customers on post-trade spread increases.

Business Line: BL0901 Private Banking

Event Type: EL0401 Suitability, Disclosure & Fiduciary

5. Tower Research, United States – $67.5m

Tower Research Capital ordered to pay USD 67.5 million for manipulative trading and spoofing.

Business Line: BL0202 Global Markets

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.

ORX News Top 5 November 2019 chart

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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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