Wells Fargo will pay nearly $98 million to settle charges a subsidiary facilitated more than $532 million worth of prohibited transactions in violation of sanctions against Iran, Syria, and Sudan.
The Federal Reserve Board announced Thursday it fined Wells Fargo $67.8 million for oversight failures, and the Treasury Department’s Office of Foreign Assets Control (OFAC) penalized Wells Fargo Bank $30 million for providing a trade finance platform to a foreign bank, which then used the platform to process 124 apparent prohibited transactions between 2010 and 2015.
