© Reuters. FILE PHOTO: Wells Fargo Bank branch is seen in New York City, U.S., March 17, 2020. REUTERS/Jeenah Moon
(Reuters) – The U.S. Federal Reserve and Treasury Department’s Office of Foreign Assets Control on Thursday fined Wells Fargo (NYSE:) & Co about $97.8 million for inadequate oversight of its sanctions compliance risks from 2010 to 2015.
The Fed said the bank’s deficient oversight enabled it to violate U.S. sanctions by providing a trade finance platform to a foreign bank that used it to process $532 million in prohibited transactions.
The Office of Foreign Assets Control also imposed a separate penalty on Wells Fargo for the violations, the Fed said in a release, adding that the total fine is about $97.8 million.
