2018 Bank Compliance Fines

A number of large banks were fined in 2018 for a variety of failures relating to compliance and sanctions. 

2018 saw at least $2.3 billion in fines against five major banks: 

  • ING ($890 million) 

  • JPMorgan Chase ($5.3 million) 

  • HSBC ($1.05 million) 

  • Societe Generale ($1.3 billion) 

  • UBS ($15 million)

  • Banque Postale ($57 million)

  • Morgan Stanley ($10 million)

  • JPMorgan Chase ($1.6 million)


Some of the fines were due to failures in compliance systems, while others were related to processing payments for sanctioned individuals and entities (these are not unrelated issues). 

Canada has not issued any fines since 2016 when FINTRAC began its review of its administrative monetary penalty system. Perhaps 2019 will see the new system implemented? 

Jessica DavisComment