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Sanctions Compliance

All articles tagged with #sanctions compliance

finance2 years ago•1 min saved

Federal Reserve Board Takes Action Against Deutsche Bank AG and U.S. Affiliates

The Federal Reserve Board has announced two enforcement actions against Deutsche Bank AG, its New York branch, and other U.S. affiliates. The first action includes a consent order and a $186 million fine for unsafe and unsound practices and violations of previous consent orders relating to sanctions compliance and anti-money laundering controls. The second action is a Written Agreement addressing general deficiencies in Deutsche Bank's governance, risk management, and controls.

via Federal Reserve|

#anti-money-laundering-controls #deutsche-bank #enforcement-actions

finance2 years ago•0 min saved

Wells Fargo Fined Millions for Sanctions Compliance Failures

The Federal Reserve Board has fined Wells Fargo $67.8 million for inadequate oversight of sanctions compliance risks at its subsidiary bank, Wells Fargo Bank, N.A. The bank violated 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 U.S. Department of the Treasury's Office of Foreign Assets Control is also imposing a separate penalty on Wells Fargo Bank for these violations, bringing the total penalty to approximately $97.8 million.

via Federal Reserve|

#federal-reserve-board #finance #penalty