- 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
Wells Fargo probed for employee use of off-channel communications
By 
Aaron Nicodemus2023-02-22T16:02:00
Two regulators are investigating Wells Fargo regarding employees’ improper use of off-channel communications to conduct business and the bank’s recordkeeping of those communications.
The Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) “have undertaken investigations regarding the company’s compliance with records retention requirements relating to business communications sent over unapproved electronic messaging channels,” Wells Fargo disclosed in a 10-K filing Tuesday.
Unauthorized communications by employees of financial institutions and the recordkeeping violations such actions cause appear to continue to be a priority for SEC investigators that shows no signs of slowing.
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
-
PremiumInvestor lawsuit targets Bank of America over off-channel comms fines
Stockholder lawsuits have emerged as the latest aftershock from the regulatory crackdown against banks and financial services firms for allowing off-channel business communications by their employees.
-
News BriefHSBC, Scotiabank latest caught in regs’ off-channel comms sting
The Bank of Nova Scotia and HSBC were fined $22.5 million and $15 million, respectively, by U.S. regulators for admitted recordkeeping failures regarding employee use of off-channel communications to conduct company business.
-
News BriefEx-Wells Fargo exec fined $17M for role in fake accounts scandal
Carrie Tolstedt, the former head of Wells Fargo’s community bank, will pay a $17 million fine issued by the Office of the Comptroller of the Currency for her role in the bank’s fake accounts scandal.
More from Regulatory Enforcement
-
News BriefCFPB issues $2.5M penalty against Wise in last action of Chopra era
A fine by the Consumer Financial Protection Bureau (CFPB) against the U.S arm of London-based foreign exchange company Wise could be one of the agency’s final actions as a new regulatory regime reportedly froze rules and litigation amid calls for defunding.
-
News BriefFBI, Europol shut down hacking sites selling personal info, tools for cybercriminals
Two massive hacking websites–where criminals sold everything from stolen social security numbers to tools for cybercriminals to gain access to computers–have finally been shut down by an international law enforcement team, the Department of Justice announced.
-
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.