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 Parent: 
USA
HQ State of Parent: 
California
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking
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.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.