Banking
May 23, 2022
SEC fines Wells Fargo Advisors $7M for anti-money laundering malpractice
The alert system adopted by the Wells Fargo subsidiary in January 2019, designed to monitor and alert suspicious transactions using different codes for foreign countries, failed to reconcile at least 34 Suspicious Activity Reports in a timely manner, thus putting the investment public at risk, according to the Securities and Exchange Commission.
SEC fines Wells Fargo Advisors $7M for anti-money laundering malpractice
After a new version of its internal anti-money laundering proved deficient, Wells Fargo Advisors, the St. Louis-based subsidiary of banking giant Wells Fargo & Co., agreed to pay a $7 million settlement, the U.S. Securities and Exchange Commission announced Friday.
According to an SEC news release, the alert system adopted by the broker...
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