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Violation Tracker Individual Record

Company: Wells Fargo Advisors and Wells Fargo Advisors Financial Network
Current Parent Company: Wells Fargo
Penalty: $1,500,000
Year: 2014
Date: December 18, 2014
Offense Group: financial offenses
Primary Offense: anti-money-laundering deficiencies
Secondary Offense: financial institution supervision failures
Violation Description: The Financial Industry Regulatory Authority announced that it has ordered two St. Louis-based broker-dealers under common control, Wells Fargo Advisors and Wells Fargo Advisors Financial Network, to pay a joint fine of $1.5 million for anti-money laundering (AML) failures.
Level of Government: federal
Action Type: agency action
Agency: Financial Industry Regulatory Authority
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: California
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data: (click here)
Notes: FINRA is a securities industry self-regulatory body authorized by the federal government.
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.