Wells Fargo Fined $97.8 Million for Unsound Practices & Inadequate Oversight on Sanctions Risks, Violated United States Sanctions by Providing $532 Mi
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Wells Fargo Fined $97.8 Million for Unsound Practices & Inadequate Oversight on Sanctions Risks, Violated United States Sanctions by Providing $532 Million of Trade Finance to a Foreign Bank 5th April 2023 | Hong Kong
Wells Fargo had been fined a total of $97.8 million for unsound practices and inadequate oversight on sanctions risks, violating United States sanctions by providing $532 million of trade finance to a foreign bank. The $97.8 million fine is imposed by Federal Reserve Board ($67.8 million) and United States Department of the Treasury’s Office of Foreign Assets Control ($30 million). United States Fed: “From 2008 to 2015, the Bank provided a trade finance software platform called Eximbills to a foreign bank, which the foreign bank used to process non-U.S. dollar trade finance instruments outside the U.S. financial system, totaling approximately $532 million, involving parties in jurisdictions subject at the time of the transactions to sanctions regulations imposed under the International Emergency Economic Powers Act.” See below for full statement.
” Wells Fargo Fined $97.8 Million for Unsound Practices & Inadequate Oversight on Sanctions Risks, Violated United States Sanctions by Providing $532 Million of Trade Finance to a Foreign Bank “
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Wells Fargo Fined $97.8 Million for Unsound Practices & Inadequate Oversight on Sanctions Risks
Wells Fargo 30th March 2023 – The Federal Reserve Board on Thursday announced that it has fined Wells Fargo & Co., of San Francisco, California, $67.8 million for the firm’s unsafe or unsound practices relating to historical inadequate oversight of sanctions compliance risks at its subsidiary bank, Wells Fargo Bank, N.A. Wells Fargo & Co.’s deficient oversight enabled the bank to violate 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 Board’s action is being taken in conjunction with an action by the U.S. Department of the Treasury’s Office of Foreign Assets Control, which is imposing a separate penalty on Wells Fargo Bank for these violations. The total penalty announced by both agencies is approximately $97.8 million.
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