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Violation Tracker Individual Record

Company: Wells Fargo & Co.
Current Parent Company: Wells Fargo
Parent at the Time of the Penalty Announcement:  subscribe to see this data field
Penalty: $30,000,000
Year: 2023
Date: March 30, 2023
Offense Group: financial offenses
Primary Offense: economic sanction violation
Mega-Scandal: Sanctions Violations
Violation Description: Wells Fargo Bank, N.A. agreed to remit $30,000,000 to settle its potential civil liability for 124 apparent violations of three sanctions programs. For about seven years beginning in 2008 and ending in 2015, Wells Fargo, and its predecessor Wachovia Bank provided a foreign bank located in Europe with software that the foreign bank then used to process trade finance transactions with U.S.-sanctioned jurisdictions and persons.
Level of Government: federal
Action Type: agency action
Agency: Office of Foreign Assets Control
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)
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.