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Company: Wells Fargo & Co.
Current Parent Company:
Wells Fargo
Parent at the Time of the Penalty Announcement:
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Penalty: $67,762,500
Year: 2023
Date: March 30, 2023
Offense Group: financial offenses
Primary Offense: banking violation
Secondary Offense: economic sanction violation
Mega-Scandal:
Sanctions Violations
Violation Description: The Federal Reserve Board fined Wells Fargo & Co. $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.
Level of Government: federal
Action Type: agency action
Agency: Federal Reserve
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: California
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data:
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Archived Source:
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the
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