By Aaron Nicodemus2023-03-30T21:05:00
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.
Wells Fargo self-reported the apparent violations, according to OFAC, which were categorized as egregious.
2023-08-25T16:19:00Z By Aaron Nicodemus
The Securities and Exchange Commission fined Wells Fargo $35 million for overcharging nearly 11,000 investment advisory accounts over two decades.
2023-08-17T20:11:00Z By Jeff Dale
Construction Specialties agreed to pay more than $660,000 in a settlement with the Office of Foreign Assets Control regarding three apparent sanctions violations in Iran carried out by “rogue employees” of its Middle Eastern affiliate.
2023-07-14T19:15:00Z By Kyle Brasseur
The Department of Justice scrutinizing sanctions on par with how it views bribery under the Foreign Corrupt Practices Act alters the calculus of whether a company should voluntarily self-disclose potential violations, experts discussed at CW’s TPRM Summit.
2025-07-14T20:27:00Z By Oscar Gonzalez
The U.S. Federal Trade Commission said it has settled with telemedicine service Southern Health Solutions, Inc. over allegations the company used deceptive pricing and weight-loss claims, along with fake reviews and testimonials, to sell its weight-loss programs.
2025-07-14T15:36:00Z By Ruth Prickett
Serious bullying and harassment count as misconduct in regulated financial services firms, per a July 1 clarification by the U.K. Financial Conduct Authority, which said non-financial misconduct rules now applied only to banks will extend to 37,000 more firms starting September 1, 2026.
2025-07-11T21:14:00Z By Oscar Gonzalez
The U.S. Department of Justice arppoved T-Mobile’s acquisition of competitor UScellular. The move came a day after T-Mobile announced it had dropped its diversity, equity, and inclusion programs, a frequent target for Trump’s administration.
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