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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2024-08-02T19:00:00
Wells Fargo disclosed in a public filing its anti-money laundering (AML) and sanctions programs are under investigation, adding to the already long list of compliance issues plaguing the bank.
In a quarterly report filed with the Securities and Exchange Commission (SEC) Thursday, the bank said, “Government authorities have been conducting inquiries or investigations regarding issues related to the company’s [AML] and sanctions programs.” The bank offered no further details about which agencies are conducting the investigations, or what the issues are.
In the same report, Wells Fargo said it’s in “resolution discussions” with the SEC regarding an investigation into the cash sweep options it provides to new investment advisory clients. The company revealed the probe in an SEC filing in November. Wells Fargo added in its most recent disclosure that, “There can be no assurance as to the outcome of these discussions.”
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News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
2024-09-13T15:37:00Z By Aaron Nicodemus
The Treasury Department’s Office of the Comptroller of the Currency ordered Wells Fargo to make “comprehensive corrective actions” to its Bank Secrecy Act/anti-money laundering and U.S. sanctions programs, along with receive permission from the OCC to offer new products and services or enter new geographic markets with “medium or high” ...
2024-02-21T17:52:00Z By Jeff Dale
Wells Fargo disclosed investigations by the Department of Justice and Securities and Exchange Commission into the bank’s diversity hiring practices concluded without enforcement action.
2023-11-01T16:26:00Z By Aaron Nicodemus
Wells Fargo disclosed it is under investigation by the Securities and Exchange Commission regarding cash sweep options it provides to new investment advisory clients.
2024-11-20T18:15:00Z By Aaron Nicodemus
A bank examiner and senior manager at the Federal Reserve Bank of Richmond pled guilty to insider trading after allegedly misappropriating confidential information on seven banks to make profitable trades.
2024-11-19T21:05:00Z
New York-based investment firm Drexel Hamilton will pay more than $1.1 million in penalties, with four current and former employees paying fines as well over committing hundreds of violations of rules regarding the sale of municipal bonds.
2024-11-19T19:26:00Z By Aaron Nicodemus
A publicly traded cryptocurrency mining company will pay $10 million and completely change its business model to one with “lower corruption risk” as part of a settlement over violations of the Foreign Corrupt Practices Act (FCPA), two regulators announced.
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