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.
