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Wells Fargo Fined $97.8m for Sanctions Violations

Wells Fargo Fined $97.8m for Sanctions Violations

by Starling Insights

Starling Insights Editorial Board

Apr 05, 2023

Observations

Culture & Misconduct USA International Sanctions Culture & Consequences The Costs of Misconduct

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.

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