The Wells Fargo fine involved a trade finance platform called Eximbills.
Photo:
David Paul Morris/Bloomberg News
The Federal Reserve and the Treasury Department are fining
Wells Fargo
WFC -1.70%
& Co. $97.8 million for violating U.S. sanctions by allowing a foreign bank to make prohibited transactions on one of the bank’s platforms.
Between 2010 and 2015, an unidentified foreign bank used a Wells Fargo trade finance platform called Eximbills to process about $532 million in transactions that violated U.S. sanctions rules. The foreign bank’s trades “involved parties in jurisdictions subject at the time of the transaction to sanctions regulations,” the Fed said.
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
The Wells Fargo fine involved a trade finance platform called Eximbills.
Photo:
David Paul Morris/Bloomberg News
The Federal Reserve and the Treasury Department are fining
Wells Fargo
WFC -1.70%
& Co. $97.8 million for violating U.S. sanctions by allowing a foreign bank to make prohibited transactions on one of the bank’s platforms.
Between 2010 and 2015, an unidentified foreign bank used a Wells Fargo trade finance platform called Eximbills to process about $532 million in transactions that violated U.S. sanctions rules. The foreign bank’s trades “involved parties in jurisdictions subject at the time of the transaction to sanctions regulations,” the Fed said.
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8