Top five op risk loss events in March 2008


1. Loss amount: $906.97 million

Firm: Shinginko Tokyo

BIS event type: Unauthorised activity

BIS business line: Commercial banking

Shinginko Tokyo lost an estimated $906.97 million due to fraudulent and unsecured loans the bank granted to small and mid-sized businesses from 2005 to 2008. Bank management told employees not to verify the banking history or place of business registered by the loan applicants, leading to false information on credit applications. The bank was considering filing a criminal

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