According to the findings, the United States accounts for the highest fines at $11.11 billion or 78.18% of the issued fines. The fines emanated from 12 cases. Australia ranks second with $981.06 million in fines from three cases. Israel ranks third with $902.59 million in bank fines from a single case. Sweden had $539.66 million in fines to rank fourth with two cases, while Germany follows with $215.91 million from four cases. The United Kingdom is sixth, with banks amassing $156.51 million in fines from four cases, followed by Canada at $127.39 million from a single case. With seven cases, China saw authorities fine banks a total of $83.03 million while Iran ranks ninth with $37.03 million from one case. Turkey ranks tenth, at $21.98 million in bank fines. Countries ranked by total bank fine amount in 2020:
Strict regulations might fuel further growth in fines
The largest single fine was issued to Goldman Sachs at $3.90 billion. In total, the facility amassed $6.25 billion in fines. Wells Fargo had the second-highest from a single case at $3 billion. Goldman Sachs accounted for the third-highest fone from a single case at $2 billion. Finbold.com chief editor Oliver Scott commented: Authorities from different countries issued the fines due to varying violations, but failure to adhere to anti-money laundering protocols was the leading violation. The report includes fines higher than €500,000; the real numbers of violations can be drastically higher. See the full report here.
