Wells Fargo & Co will pay fines of about $97.8 million for inadequate oversight of its compliance risks, enabling the apparent violation of U.S. sanctions against Iran, Syria and Sudan, federal authorities said on Thursday.
March 30 - Wells Fargo & Co
The Federal Reserve and the Treasury Department's Office of Foreign Assets Control said the bank's deficient oversight enabled it to violate U.S. sanctions by providing a trade finance platform to a foreign bank that used it to process $532 million in prohibited transactions. “Wells Fargo is pleased to resolve this legacy matter involving conduct that ended in 2015, which we voluntarily self-reported and fully cooperated with OFAC and the Federal Reserve Board to address," a Wells Fargo spokesperson said in a statement.
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