The Fed issued a statement regarding its punishment to Wells Fargo for its past inadequate oversight of sanctions compliance risks. In the statement, Wells Fargo was reportedly fined $67.8 million for its unsafe or unsound practices.
It was noted that Wells Fargo’s inadequate oversight allowed the bank to breach US sanctions regulations by providing a platform to a foreign bank to process approximately $532 million in prohibited transactions between 2010 and 2015.
In the statement, it was stated that the total fine imposed on Wells Fargo by OFAC for the violations in question was $97.8 million. (AA)