Op risk data: losses decline sharply in first half

Conduct losses account for most of $8.5 billion total. Data by ORX News

US-Congress-building-Montage
Settlements with US state and federal entities cost banks in 2019, as our mid-year review shows
Infopro montage

The largest operational risk loss by financial firms in June is an estimated 20 billion rupee ($287.6 million) fraud at Indian investment firm I Monetary Advisory. The specialist Islamic finance house, based in Bengaluru, is thought to have diverted investments from new customers to pay returns to existing investors, in a type of Ponzi scheme. By June 18, 40,000 complaints had been filed against IMA.

The company used investors’ funds for trading in gold, clothing and infrastructure. Investors

To continue reading...

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: