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 “
Wells Fargo Fined $97.8 Million for Unsound Practices & Inadequate Oversight on Sanctions Risks
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.
Sign Up / Register
Caproasia Users
- Manage $20 million to $3 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
Caproasia Platforms | 11,000 Investors & Advisors
- Caproasia.com
- Caproasia Access
- Caproasia Events
- The Financial Centre | Find Services
- Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
Monthly Roundtable & Networking
Family Office Programs
The 2024 Investment Day
- March 2024 - Hong Kong
- March 2024 - Singapore
- July 2024 - Hong Kong
- July 2024 - Singapore
- Sept 2024 - Hong Kong
- Sept 2024 - Singapore
- Oct 2024 - Hong Kong
- Nov 2024 - Singapore
- Visit: The Investment Day | Register: Click here
Caproasia Summits
- The Institutional Investor Summit
- The Investment / Alternatives Summit
- The Private Wealth Summit
- The Family Office Summit
- The CEO & Entrepreneur Summit
- The Capital Markets Summit
- The ESG / Sustainable Investment Summit