Monthly Top 5 ORX News Losses – October 2019

  • 5 November 2019

1.   Jammu & Kashmir Bank, India – $158.3m

J&K Bank defrauded of INR 11.24 billion through commercial loans using fake documents.

Business Line: BL0401 Commercial Banking

Event Type: EL0102 Internal Theft & Fraud

2.  Sudostroitelny bank, Russian Federation – $93.4m

Sudostroitelny Bank defrauded of RUB 6 billion through misappropriation of assets.

Business Line: BL0204 Treasury/Funding

Event Type: EL0102 Internal Theft & Fraud

3.  BNP Paribas, Ukraine – $44.0m

UkrSibbank defrauded of UAH 1.1 billion through fraudulent commercial loans.

Business Line: BL0401 Commercial Banking

Event Type: EL0201 External Theft & Fraud

4.  Citigroup, United States – $30.0m

Citibank fined USD 30 million for violating legal holding period of other real estate owned.

Business Line: BL0301 Retail Banking

Event Type: EL0402 Improper Business or Market Practices

5.  BGC Partners, United States – $25.0m

Two BGC interdealer brokers pay USD 25 million over false representations in FX options market.

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.

Top 5 chart October 2019

Download October'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