Recently, Wells Fargo was fined $97.8 million by the US Federal Reserve and the Department of the Treasury's Office of Foreign Assets Control for inadequate oversight of its compliance risks from 2010 to 2015, which led the bank to violate sanctions against Iran, Syria, and Sudan.
The regulators said the bank's poor oversight enabled it to violate U.S. sanctions by providing a trade finance platform to a foreign bank that used it to process $532 million in transactions involving sanctioned individuals or jurisdictions.
This content is available to paid Members of Starling Insights.
If you are a Member of Starling Insights, you can sign in below to access this item.
If you are not a member, please consider joining Starling Insights to support our work and get access to our entire platform. Enjoy hundreds of articles and related content from past editions of the Compendium, special video and print reports, as well as Starling's observations and comments on current issues in culture & conduct risk management.
Join The Discussion