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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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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.
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