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Federal Reserve and OFAC levy fines totalling $97.8m on Wells Fargo

Wells Fargo branch
Photo: Leonardo Munoz/VIEWpress
Martin Cloake profile image

Martin Cloake

1 min read

Failure of oversight meant bank violated sanctions on Iran, Syria and Sudan.

Troubled bank Wells Fargo has been hit with two more fines, this time totalling $97.8m, for inadequate oversight of compliance risks.

Notices issued by the Federal Reserve and OFAC penalise the bank for enabling the violation of federal sanctions against Iran, Syria and Sudan. The fines relate to inadequate oversight

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