Federal authorities said on Thursday that Wells Fargo & Co. would pay fines of approximately $97.8 million for poor management of its compliance risks, which enabled the apparent violation of U.S. sanctions against Iran, Syria, and Sudan.
The Federal Reserve and the Treasury Department's Office of Foreign Assets Control (OFAC) stated that the bank violated U.S. sanctions by providing a trade finance platform to a foreign bank that processed $532 million in banned transactions using the platform.
Wells Fargo was fined $67.8 million by the Fed and $30 million by OFAC for inadequate oversight of its compliance risks between 2010 and 2015.
"Wells Fargo is pleased to resolve this legacy matter involving conduct that ended in 2015," a Wells Fargo representative said in a statement.
OFAC stated in a press statement that Wells Fargo and its predecessor, Wachovia Bank, provided software to a European bank beginning in 2008, enabling the institution to conduct 124 transactions involving sanctioned individuals or nations.
In December, the U.S. Consumer Financial Protection Bureau fined Wells Fargo $3.7 billion to settle claims of widespread mismanagement of auto loans, mortgages, and bank accounts.
