For the second time in five years, a subsidiary of Wells Fargo has been charged by the Securities and Exchange Commission (SEC) with failing to file suspicious activity reports (SARs) in a timely manner due to deficiencies in the system it used to flag transactions.
The SEC said Wells Fargo Advisors, a brokerage firm owned by Wells Fargo, failed to promptly file 34 SARs from 2017-21. Without admitting or denying the charges, Wells Fargo agreed to pay a $7 million fine, to be censured, and to cease and desist from future violations.
