Op risk data: losses decline sharply in first half

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

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Settlements with US state and federal entities cost banks in 2019, as our mid-year review shows
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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

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