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US, EU regulators fines on banks' misconduct to top $400 bn by 2020: Report

Involves missteps in the US mortgage market in the run-up to the 2008 financial crisis

Reuters  |  Hong Kong 

Regulators in the United States (US) and Europe have imposed $342 billion of fines on banks since 2009 for misconduct, including violation of anti-money laundering rules, and that is likely to top $400 billion by 2020, a research report said on Wednesday. Pending cases involving missteps in the US mortgage market in the run-up to the 2008 financial crisis and a fresh penalty on mostly regional banks for anti-money laundering breaches would result in a surge in fines over the next few years, Quinlan and Associates said. The Hong Kong-based financial services consultancy estimated ...

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First Published: Wed, September 27 2017. 15:45 IST
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