- Topics
- Regions
- Events
- Webcasts
- Resources
- CW Exclusives
- Membership
“For tracking litigation, enforcement, and regulatory developments, Compliance Week
should be your prime source.”- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
SEC rips Wells Fargo’s ETF compliance efforts in $35M settlement
By 
Dave Lefort2020-02-27T22:34:00
Already reeling from last week’s $3 billion penalty related to its fake accounts scandal, Wells Fargo took another hit Thursday in the form of a $35 million SEC settlement related to poor supervision of investment recommendation practices.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
ArticleWells Fargo unit fined $7M for AML transaction monitoring failures
For the second time in five years, a subsidiary of Wells Fargo has been charged by the Securities and Exchange Commission with failing to file suspicious activity reports in a timely manner due to deficiencies in the system it used to flag transactions.
-
ArticleFINRA fines Wells Fargo subsidiaries $2.25M for recordkeeping violations
Two Wells Fargo broker-dealers agreed to jointly pay a $2.25 million fine to settle charges levied by FINRA regarding a failure to store approximately 13 million customer records in the proper format over a 17-year span.
-
ArticleWells Fargo CEO says bank’s past behavior ‘deeply disturbing,’ vows change
Wells Fargo CEO Charlie Scharf, who has led the scandal-plagued megabank for four months, was upfront about the bank’s failure to stem abuses in its banking, lending, and auto insurance divisions when he testified at a Congressional hearing Tuesday.
More from Regulatory Enforcement
-
News BriefFCA dings Infinox in first fine under U.K. capital market reforms of 2018
The U.K. Financial Conduct Authority issued a landmark fine against trading platform Infinox Capital for failing to report “high-risk” transactions, the first-ever enforcement under a 2018 law.
-
News BriefKuCoin latest crypto firm to pay hefty price for violating BSA with $297M penalty
The Sechelles-based owner of cryptocurrency exchange KuCoin has agreed to pay nearly $300 million in penalties–and cease doing business in the U.S. for two years–to settle charges that it failed to properly monitor potential criminal activity on its network.
-
News BriefDOJ indicts five in remote IT work scheme to circumvent North Korean sanctions
Five people, including two Americans, allegedly duped U.S. companies into hiring North Koreans for contract IT work, and funneled millions in U.S. dollars to the sanctioned regime, the Department of Justice said.