Op risk data: forex rigging fines bloat bank losses

Citi, RBS, JP hit for total €800m in penalties; plus Aussie bank misconduct probe. Data by ORX News

Moscow snow
Defunct Russian lender Nota Bank, formerly based in Moscow, topped the list of op risk losses in May

The month of May saw a rise in operational risk losses incurred by banks and other financial institutions, caused mainly by a series of fines issued by European authorities for foreign exchange spot fixing.

The single largest publicly reported loss in May was at Russia’s Nota Bank, where executives were reported to have embezzled 25 billion rubles ($382.3 million) through loans to shell corporations under their control. The scheme took place between 2014 and 2015, before the bank’s licence was

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