US regulators have imposed a fine of US$97.8 million on Wells Fargo for violating sanctions.

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.


Linking Shareholders and Executives :Share Talk

If anyone reads this article found it useful, helpful? Then please subscribe www.share-talk.com or follow SHARE TALK on our Twitter page for future updates. Terms of Website Use All information is provided on an as-is basis. Where we allow Bloggers to publish articles on our platform please note these are not our opinions or views and we have no affiliation with the companies mentioned

Weekly Newsletter

Sign up to receive exclusive stock market content in your inbox, once a week.

We don’t spam! Read our privacy policy for more info.

Tweet
WhatsApp
Email
Pocket
Share
Share