Wells Fargo to pay $7m for anti-money-laundering failures

Mark Battersby
clock • 2 min read

Wells Fargo Advisors agreed to pay $7m to settle SEC charges that it failed to report customer transactions that could involve money laundering, the US Securities and Exchange Commission said on 20 May.  In its order, the Securities and Exchange Commission alleged that the broker-dealer arm of Wells Fargo & Co. didn't file in a timely manner 34 suspicious activity reports between April 2017 and October 2021. According to the SEC's order, due to Wells Fargo Advisors' deficient implementation and failure to test a new version of its internal anti-money laundering (AML) transaction monit...

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