Charles Scharf, chief executive officer of Wells Fargo & Co., listens during a House Financial Services Committee hearing in Washington, D.C., U.S., on Tuesday, March 10, 2020.The U.S.
Charles Scharf, chief executive officer of Wells Fargo & Co., listens during a House Financial Services Committee hearing in Washington, D.C., U.S., on Tuesday, March 10, 2020.The U.S. Federal Reserve and Treasury Department's Office of Foreign Assets Control on Thursday finedabout $97.8 million for inadequate oversight of its sanctions compliance risks from 2010 to 2015.
The Fed 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. The Office of Foreign Assets Control also imposed a separate penalty on Wells Fargo for the violations, the Fed said in a release, adding that the total fine is about $97.8 million.
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