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Three major US banks make up half of 2020’s $11.39bn fine total

October 22, 2020


Together, Goldman Sachs, Wells Fargo, and JP Morgan Chase paid $7.85 billion of this total, according to Finbold’s ‘Bank Fines 2020’ report.

Finbold classes a ‘major fine’ as anything above $592,000, highlighting that “the real numbers of violations can be drastically higher”.

The most common violation among banks globally in the report was anti-money laundering (AML) breaches. Other fines relate to violations of know your customer (KYC) and operating guidelines, as well as personal data leaks.

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