Op risk data: Brazil bank faces near-$1bn tax probe fine

- By ORX News
- 10 Dec 2019

Tweet
Facebook
LinkedIn
Save this article
Send to
Print this page

Jump to Spotlight: JP overtime | In Focus: PPI

The largest operational risk loss in November is at Brazil’s Banco Itaú, which faces a $3.8 billion reais ($903 million) fine for creating shadow corporate addresses to evade state taxes between 2014 and 2018.

Banco Itaú registered around 50 corporate identities at addresses in the municipalities of Poá and Barueri rather than in state capital São Paulo, where much of its business takes place. This meant the bank paid lower taxes than would otherwise

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to print this content. Please contact info@risk.net to find out more.

You are currently unable to copy this content. Please contact info@risk.net to find out more.

As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.

If you would like to purchase additional rights please email info@risk.net

You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.

If you would like to purchase additional rights please email info@risk.net