The Federal Reserve and Treasury Department fined Wells Fargo $97.8 million on Thursday for allowing a foreign bank to make hundreds of millions of dollars in transactions that were prohibited under U.S. sanctions laws, the latest multi-million-dollar penalty from regulators to hit Wells Fargo in recent years.
Wells Fargo is accused of allowing an unnamed foreign bank to process $532 million worth of prohibited transactions on its Eximbills financial platform from 2010 to 2015, the Federal Reserve Board said in an announcement.
The bank kicked the foreign client off its platform in 2015 and reported the issue to the Fed and the Treasury, according to a filing from U.S. regulators.
The Federal Reserve fined the bank $67.8 million, and the Treasury Department’s Office of Foreign Assets Control imposed a $30 million fine, the statement said.
This is a developing story and Forbes will continue to update it.
Source: https://www.forbes.com/sites/anafaguy/2023/03/30/us-fines-wells-fargo-nearly-100-million-for-sanctions-violations/