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Fed, Treasury Fine Wells Fargo for Sanctions Violations
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wsj.comThe Federal Reserve and the Treasury Department are fining Wells Fargo & Co. $97.8 million for violating U.S. sanctions by allowing a foreign bank to make prohibited transactions on one of the bank’s platforms.
Between 2010 and 2015, an unidentified foreign bank used a Wells Fargo trade finance platform called Eximbills to process about $532 million in transactions that violated U.S. sanctions rules. The foreign bank’s trades “involved parties in jurisdictions subject at the time of the transaction to sanctions regulations,” the Fed said.
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