SAN FRANCISCO–Wells Fargo has been hit with another fine, this time for a total of $97.9 million for unsafe or unsound practices relating to historical inadequate oversight of sanctions and compliance risks.
According to the Fed, which fined Wells Fargo $67.8 million, the bank’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 Fed’s action was being taken in conjunction with an action by 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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