Banks Intelligence North America

US Banks Account for 73% of $15 Billion Global Bank Fines

New data acquired from the Bank Fines Report 2020- by indicates a total of $15.13 billion (€12.79 billion) in aggregated bank fines last year. The bank fines covered the period of January 1st, 2020, to December 31st, 2020.

According to the findings, the United States accounts for the highest fines at $11.11 billion or 73.4% of the issued fines. The fines emanated from 12 cases. Australia ranks second with $981.06 million in fines from three cases.

The Netherlands is third with $916.83 million from one case, while Israel is fourth with $902.59 million bank fines also from a single case.

With two cases, Sweden had $539.66 million in fines to rank fifth, while Germany follows with $215.91 million from four cases.

The United Kingdom is seventh, 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 tenth with $37.03 million from one case.

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. chief editor Oliver Scott said: “Fines on financial institutions are projected to grow in the coming years, as the US and other countries reforms existing regulations while increasing sanctions with anti-money laundering regulations remaining a key enforcement priority. However, banks are spending more on conforming to changing regulatory requirements. Overall, new and complex regulations are proving to be a challenge for the compliance departments of many lenders.”

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.

Read the full Bank Fines 2020 report here.


  • Polly is a journalist, content creator and general opinion holder from North Wales. She has written for a number of publications, usually hovering around the topics of fintech, tech, lifestyle and body positivity.

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