Wells Fargo Fined Millions for Sanctions Compliance Failures

The Federal Reserve Board has fined Wells Fargo $67.8 million for inadequate oversight of sanctions compliance risks at its subsidiary bank, Wells Fargo Bank, N.A. The bank violated U.S. sanctions regulations by providing a trade finance platform to a foreign bank that used the platform to process approximately $532 million in prohibited transactions between 2010 and 2015. The U.S. Department of the Treasury's Office of Foreign Assets Control is also imposing a separate penalty on Wells Fargo Bank for these violations, bringing the total penalty to approximately $97.8 million.