Wells Fargo Slapped with $97-98M Fine for Sanctions Violations
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.