Top 5 ORX News Losses: Q4 2021

Do you know which op risk loss events have had the most impact recently? Read on for the 5 largest operational risk losses reported by ORX News in Q4 2021.

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December

1. Royal Bank of Scotland – $357.4m

NatWest Group fined GBP 269.5 million by FCA for AML failures.

2. JPMorgan Chase & Co. – $200m

JPMorgan to pay USD 200 million for failing to retain staff WhatsApp, text and email messages. 

3. HSBC – $197.4m 

HSBC fined EUR 174.3 million by EC for participating in FX spot trading cartel.

4. BitMart – $196m 

BitMart suffers hack through theft of private key leading to losses of around USD 196 million. 

5. Santander Group – $174.9m

Santander erroneously pays GBP 130 million to UK customer and business accounts.

November

1. Mashreqbank – $100m

Mashreqbank agrees to pay USD 100 million for alleged breach of Sudan related US sanctions. 

2. bZeroX – $55m

bZx loses USD 55 million after theft of developer’s private keys in phishing attack.

3. Navient – $42.5m 

Navient to pay USD 42.5 million to settle two class action suits over misleading investors.

4. Westpac – $42.4m 

Westpac to pay at least AUD 59.4 million for charging deceased customers financial advice fees.

5. Westpac – $41.4m

Westpac to pay and provision at least AUD 58 million for charging inadequately disclosed fees.

October 2021

1. ING – $209.6m

ING provisions EUR 180 million over interest calculations on revolving credit. 

2. BXH – $139.2m

BXH loses USD 139.2 million after hacker exploits administrator private key.

3. Cream Finance – $132m 

Cream Finance loses USD 132 million in crypto assets in flash loan attack.

4. Commonwealth Bank of Australia – $111.1m 

Colonial First State to pay AUD 150.1 million for misleading superannuation fund clients.

5. Not identifiable – $35m

Bank manager approves USD 35 million transfer from client account in deep fake voice clone scam.

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