US Fed Says Fined Wells Fargo $67.8Mln For Poor Oversight Of Sanctions Compliance

The US Federal Reserve announced on Thursday that its board fined Wells Fargo bank $67.8 million for inadequate oversight of sanctions compliance risks that resulted in more than $530 million worth of prohibited transactions between 2010 and 2015

WASHINGTON (UrduPoint News / Sputnik - 30th March, 2023) The US Federal Reserve announced on Thursday that its board fined Wells Fargo bank $67.8 million for inadequate oversight of sanctions compliance risks that resulted in more than $530 million worth of prohibited transactions between 2010 and 2015.

"The Federal Reserve Board on Thursday announced that it has fined Wells Fargo & Co., of San Francisco, California, $67.8 million for the firm's unsafe or unsound practices relating to historical inadequate oversight of sanctions compliance risks at its subsidiary bank, Wells Fargo Bank, N.

A. Wells Fargo & Co.'s deficient oversight enabled the bank to violate U.S. sanctions regulations by providing a trade finance platform to a foreign bank that used the platform to process approximately $532 million in prohibited transactions between 2010 and 2015," the Federal Reserve said in a press release.

Separately, the US Department of the Treasury said on Thursday that Wells Fargo agreed to pay $30 million to settle its potential civil liability for violations of sanctions against Iran, Syria, and Sudan.