Wells Fargo fined $98M for facilitating sanctions violations in Iran, Syria, Sudan
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.
Related articles
-
News BriefSEC orders Wells Fargo to pay $35M for overbilling investment advisory clients
The Securities and Exchange Commission fined Wells Fargo $35 million for overcharging nearly 11,000 investment advisory accounts over two decades.
-
News BriefConstruction Specialties to pay $660K in Iran sanctions case
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.
-
PremiumPotential sanctions violations: To voluntarily self-disclose or not?
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.
More from Regulatory Enforcement
-
PremiumU.K. prepares to prosecute firms under new Failure to Prevent Fraud rules
The U.K. will start cracking down on companies under the new Failure to Prevent Fraud law on Sept. 1, with the Crown Prosecution Service and Serious Fraud Office ready to enforce it.
-
ArticleTrump tries alternative approach on California air standards agency by alleging anti-white bias
The Trump administration has intensified its fight with California as the DOJ launched an investigation into whether the state’s environmental agency is violating federal law by pursuing racial equity.
-
ArticleCFPB makes move to stake a claim against bankrupt Synapse, the fintech software company
Synapse Financial Technologies, the troubled California fintech software provider, has agreed to let the Consumer Financial Protection Bureau (CFPB) eventually file a claim on its bankrupt estate.