Thread regarding Wells Fargo & Co. layoffs

Wells Fargo to pay $97 mln for sanctions compliance failures

March 30 (Reuters) - Wells Fargo & Co (WFC.N) will pay fines of about $97.8 million for inadequate oversight of its compliance risks, enabling the apparent violation of U.S. sanctions against Iran, Syria and Sudan, federal authorities said on Thursday.

The Federal Reserve and the Treasury Department's Office of Foreign Assets Control (OFAC) said the bank's deficient oversight enabled it to violate U.S. sanctions by providing a trade finance platform to a foreign bank that used it to process $532 million in prohibited transactions.

https://www.reuters.com/business/finance/wells-fargo-pay-97-mln-sanctions-compliance-failures-2023-03-30/

NOT AGAIN!!!!!

by Anonymous
| 2038 views | | 13 replies (last March 31, 2023) | Reply
Post ID: @OP+1lUNbF1b
Comment! It's anonymous!

13 replies (most recent on top)

re·cid·i·vism - once a criminal, always a criminal

by Anonymous
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Post ID: @evi+1lUNbF1b

So, the result of in person work then? Alrighty...

by Anonymous
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Post ID: @pxb+1lUNbF1b

Being in tech, I see over and over again how we have no clue what 3rd party vendor software is doing and believe vendors are better than WF.

by Anonymous
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Post ID: @wpy+1lUNbF1b

I’m amazed at how many id--ts and stupid people post on this forum that are uneducated about the actual topic. Try reading the facts before posting. This isn’t a new infraction. It was Wachovia software and this happened between 2010-2015 and was self reported.

by Anonymous
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Post ID: @kpo+1lUNbF1b

It's not really Wells Fargo that is paying 97MM, it's the shareholders and employees... more fines... less shareholder value and employee rewards. Glad Wells Fargo is helping paydown the federal deficit.

by Anonymous
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Post ID: @hev+1lUNbF1b

Wells Fargo says its software was used for transactions with sanctioned entities -

May 3, 2022 (Reuters) - Wells Fargo & Co (WFC.N) has disclosed to the Office of Foreign Assets Control that certain foreign banks used its software to conduct transactions with sanctioned entities, the bank said in a regulatory filing on Tuesday.

The bank has been cooperating with investigations or inquiries by federal government agencies, it added.

https://www.reuters.com/business/finance/wells-fargo-says-its-software-was-used-transactions-with-sanctioned-entities-2022-05-03/

by Anonymous
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Post ID: @ecz+1lUNbF1b

Let's talk about the issue from last year with Russia was getting around sanctions due to a problem with Wells Fargo vendor software. That will be the next fine coming. Can't wait.

by Anonymous
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Post ID: @yhc+1lUNbF1b

@qum+1lUNbF1b Woke in 2015 - wow, the Stagecoach as a trendsetter. Puh-leez - woke is not the universal boogey man, get over it.

by Anonymous
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Post ID: @pyd+1lUNbF1b

We are so woke we are even willing to violate OFAC laws. Wow

by Anonymous
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Post ID: @qum+1lUNbF1b

Chuck here, that was supposed to be $100M but the clever fox that I am, I negotiated that down. The difference coming to me as a bonus! Pure genius! You all should be honored to be working in my shadow

by go Blue Jays!
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Post ID: @sih+1lUNbF1b

A fine way to run the bank down .

by Control group
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Post ID: @djj+1lUNbF1b

Another day another fine

by Anonymous
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Post ID: @jcg+1lUNbF1b

Good news:

“Wells Fargo is pleased to resolve this legacy matter involving conduct that ended in 2015, which we voluntarily self-reported and fully cooperated with OFAC and the Federal Reserve Board to address," a Wells Fargo spokesperson said in a statement.

by Anonymous
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Post ID: @ryu+1lUNbF1b

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