FACTBOX-Biggest fines for banks
Oct 29 (Reuters) - Here is a look at major fines imposed on banks after Dutch lender Rabobank was fined $1.07 billion by U.S. and European regulators. Top banks have been handed hefty fines in the last two years for a range of misconduct issues including alleged manipulation of Libor interest rates, losses on complex derivatives trading and breaking trade sanctions. Following are fines imposed on leading banks.
YEAR BANK FINE REASON REGULATOR
(Millions of dollars)
2012 HSBC 1,920 Money laundering lapses DOJ 2012 UBS 1,500 Libor manipulation FSA/DOJ 2013 JP Morgan 1,020 Whale trading scandal SEC/FCA/MORE 2013 Rabobank 1,070 Libor FCA/CFTC 2009 UBS 780 Aiding tax fraud DOJ 2012 StanChart 667 Anti sanctions OFAC/DOJ/MORE 2012 ING 619 Anti sanctions OFAC 2013 RBS 612 Libor manipulation DOJ/CFTC/FSA 2010 Goldman 550 Misleading investors FSA/SEC 2009 C.Suisse 536 Anti sanctions OFAC 2010 ABN Amro 500 Anti sanctions OFAC 2012 Barclays 451 Libor manipulation DOJ/CFTC/FSA 2009 Lloyds 350 Anti sanctions OFAC/DOJ 2013 Goldman 330 Foreclosure issues FED 2010 Barclays 298 Anti sanctions DOJ/OFAC 2012 JP Morgan 297 RMBS offering SEC 2013 JP Morgan 285 Power market manipulation FERC 2011 Citi 285 Misleading CDO investors SEC 2011 JP Morgan 228 Muni bond rigging SEC 2013 M. Stanley 227 Foreclosure issues FED 2011 UBS 160 Muni bond rigging SEC 2011 JP Morgan 154 Misleading investors SEC 2010 BofA 150 Disclosing Merrill bonuses SEC 2011 Wachovia 148 Muni bond rigging SEC 2010 BofA 137 Muni bond rigging SEC 2003 JP Morgan 135 Enron SEC 2012 Mizuho 128 Misleading CDO investors SEC 2013 Garanti 108 Interest rates collusion CB 2013 JP Morgan 100 Whale trading scandal CFTC
GUIDE TO MAJOR BANKING SCANDALS: Libor - The suspected rigging of the London interbank offered rate (Libor), an interest rate used in contracts worth trillions of dollars globally. Anti sanctions - Illegally hiding transactions with Iran and other countries, violating U.S. sanctions. Muni bond rigging - Conspiring to deceive U.S. cities and towns by operating a scheme to rig bids to invest municipal bond proceeds. CDO - Collateralized debt obligations tied to the U.S. housing market RMBS offering - Misleading investors in the sale of risky mortgage bonds or residential mortgage-backed securities. Enron - JP Morgan was fined for its role in the defunct Enron Corp's manipulation of its financial statements. Merrill - Bank of America was fined for failing to properly disclose employee bonuses and financial losses at Merrill Lynch before shareholders approved the companies' merger in 2008.
NOTES: DOJ - U.S. Department of Justice OFAC - U.S. Office of Foreign Assets Control FERC - Federal Energy Regulatory Commission FSA - The UK Financial Services Authority**
** FSA has become FCA FCA - UK Financial Conduct Authority SEC - U.S. Securities and Exchange Commission
CB - Turkey's Competition Board
FED - Federal Reserve CFTC - U.S. Commodity Futures Trading Commission
(Reporting by David Cutler, London Editorial Reference Unit; editing by Tom Pfeiffer)