Global banks racked up $10.54 billion in fines in 2020 with U.S. banks accounting for 72% fo the fines and Goldman Sachs' $3.97 billion being the highest in penalties.

Other key findings from research released today by Finbold include:

• Global banks fined $10.54 billion in 2020 YTD.
• The U.S. banks racked up $7.61 billion in fines in 2020, 72.2% of $10.54 billion of all banking fines globally.
• In the U.S., seven separate banks were fined.
• The most common violation is anti-money laundering breaches.
• In total, over 30 banks globally were fined with a bigger than 500k EUR fine in 2020 YTD.

The top ten banks with the biggest fines imposed by the regulators:

Fines were imposed by regulators for breaches of different protocols like Anti-Money Laundering (AML), violation of Know Your Customer (KYC) and operating guidelines, personal data leaks, among others. The data was sourced from various publicly available sources.

Meanwhile, Citigroup has agreed to pay a $400 million penalty for failing to address "several longstanding deficiencies" across the company, U.S. banking regulators said last week.

The Federal Reserve and Office of the Comptroller of the Currency, said in separate statements that the bank (C) must overhaul its risk management, data governance and internal controls across the company, noting that it needs "comprehensive corrective actions," Reuters reported.

Citi responded in a statement that it was disappointed to have fallen short of regulatory expectations and had "significant remediation projects" under way. It said it had "accelerated investments and made structural changes," citing over $1 billion in spending this year to address the problems.

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