Wells Fargo & Company (NYSE: WFC) has been fined US$97.8 million by the Federal Reserve and the Treasury Department for violating US sanctions laws.
The bank allowed a foreign institution to process US$532 million in transactions prohibited by US sanctions on its Eximbills platform between 2010 and 2015.
Reports from the US indicate that Wells Fargo removed the client from its platform in 2015 and reported the issue to authorities. The bank has agreed to a settlement over the violations involving Iran, Syria, and Sudan, with the Federal Reserve imposing a fine of US$67.8 million and the Treasury Department’s Office of Foreign Assets Control imposing a penalty of US$30 million.
Wells Fargo has been involved in multiple scandals in recent years, such as opening fake accounts, charging illegal fees and interest on loans, and conducting false job interviews to meet diversity hiring goals.
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