Wells Fargo fined by Fed and OFAC

The Federal Reserve Board on Thursday announced 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 was in conjunction with OFAC's announcement of a $30 million settlement with Wells Fargo Bank, N.A. For further information, see "Wells Fargo fined for OFAC violations," in the BankersOnline Penalty pages.