Biggest banking fines and frauds of 2017
12 Dec 2017

Despite all of the best efforts by regulators, clients and even the banks themselves, bank fraud still goes on.

A report by the UK’s National Audit Office (NAO) claims that banking fraud is still rising steadily. In 2016, more than 15 million consumers were targeted, causing losses above $16 billion.

However, it’s not all gloom, and some of the perpetrators of banking fraud have been prosecuted and fined by the authorities. This year alone, there have been numerous banking fraud schemes that have been stopped.

This year in May, Deutsche Bank was fined $41 million by the Federal Reserve for failing to adequately protect against money laundering.

The FED found that the German Bank’s did not fully comply with the Bank Secrecy Act and that it had ‘unsafe and unsound practices’.

Count this content towards your CPD minutes, by signing up to our CPD Wallet


You must be logged in to post a comment.

This site uses Akismet to reduce spam. Learn how your comment data is processed.