Wells Fargo Slapped with $97-98M Fine for Sanctions Violations
TL;DR
Wells Fargo is being fined $97.8 million by the Federal Reserve and the Treasury Department for violating U.S. sanctions by allowing a foreign bank to make prohibited transactions on one of the bank’s platforms called Eximbills between 2010 and 2015. The foreign bank used the platform to process about $532 million in transactions that violated U.S. sanctions rules involving parties in jurisdictions subject at the time of the transaction to sanctions regulations.
Topics:businessfinance#eximbills#federal-reserve#finance#sanctions-violations#treasury-department#wells-fargo
- Fed, Treasury Fine Wells Fargo for Sanctions Violations The Wall Street Journal
- Wells Fargo fined $97M for breaking U.S. sanctions rules (NYSE:WFC) Seeking Alpha
- Wells Fargo to pay $97 mln for sanctions compliance failures Reuters
- U.S. Fines Wells Fargo Nearly $100 Million For Sanctions Violations Forbes
- Wells Fargo hit with $98 million fine for providing trade tech that skirted economic sanctions MarketWatch
Want the full story? Read the original reporting
Read on The Wall Street Journal