Global regulators have collectively issued US$4.5 billion in fines against banks, according to a report compiled by financial information website Finbold.
The fines were primarily for violations of anti-money laundering, bank secrecy and consumer protection regulations, Finbold said.
Canada came in ninth out of 22 countries with two fines totalling US$8.14 million.
The U.S., U.K. and Sweden occupied the top three spots with national regulators issuing US$4.08 billion, US$261.68 million and US$47.4 million in fines, respectively. With 19 fines, the U.S. also took the top spot for the number of instances with a monetary penalty.
South Africa was the only African nation on the list at No.14 with US$3.04 million in fines.
Among the 57 fines included, the US$3.09-billion fine the U.S. imposed on TD Bank in October was the largest. It included a US$1.8-billion settlement with the U.S. Department of Justice and U.S. Attorney’s Office for the District of New Jersey, a US$1.3-billion penalty from the U.S. Department of the Treasury’s Financial Crimes Enforcement Network and a US$450-million penalty from the Office of the Comptroller of the Currency.
The largest Canadian fine was also against TD. The Financial Transactions and Reports Analysis Centre of Canada levied a $9.2-million fine for the bank’s non-compliance with money laundering and terrorist financing measures.
Meanwhile, Hong Kong came in last with just one fine against Fubon Bank totaling US$510,000.
The report only included penalties over US$500,000 from publicly available enforcement actions, regulatory announcements and verified financial audit reports. Actual figures may be significantly higher as some cases are confidential or not publicly accessible.
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