Menu Home

March 30, 2023: Wells Fargo opens the wallet… for the Federal Reserve Board

Press Release

March 30, 2023

Federal Reserve Board fines Wells Fargo $67.8 million for inadequate oversight of sanctions risk at its subsidiary bank

For release at 2:00 p.m. EDT 

The Federal Reserve Board on Thursday announced that it has fined Wells Fargo & Co., of San Francisco, California, $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.

The Board’s action is being taken in conjunction with an action by the U.S. Department of the Treasury’s Office of Foreign Assets Control, which is imposing a separate penalty on Wells Fargo Bank for these violations. The total penalty announced by both agencies is approximately $97.8 million.

For media inquiries, please email or call 202-452-2955.

Board of Governors of the Federal Reserve System Press Release

And the penalty order:


Federal Reserve Press Release

Civil Monetary Penalty Assessment Order

Categories: Civil Monetary Penalties Enforcement Actions Federal Reserve updates Iranian Sanctions Sudan Sanctions Syrian Sanctions


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: