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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