- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-03-30T21:05:00
Wells Fargo will pay nearly $98 million to settle charges a subsidiary facilitated more than $532 million worth of prohibited transactions in violation of sanctions against Iran, Syria, and Sudan.
The Federal Reserve Board announced Thursday it fined Wells Fargo $67.8 million for oversight failures, and the Treasury Department’s Office of Foreign Assets Control (OFAC) penalized Wells Fargo Bank $30 million for providing a trade finance platform to a foreign bank, which then used the platform to process 124 apparent prohibited transactions between 2010 and 2015.
Wells Fargo self-reported the apparent violations, according to OFAC, which were categorized as egregious.
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The Securities and Exchange Commission fined Wells Fargo $35 million for overcharging nearly 11,000 investment advisory accounts over two decades.
Construction Specialties agreed to pay more than $660,000 in a settlement with the Office of Foreign Assets Control regarding three apparent sanctions violations in Iran carried out by “rogue employees” of its Middle Eastern affiliate.
The Department of Justice scrutinizing sanctions on par with how it views bribery under the Foreign Corrupt Practices Act alters the calculus of whether a company should voluntarily self-disclose potential violations, experts discussed at CW’s TPRM Summit.
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.
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.
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.
