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Wells Fargo Advisors was fined for anti-money laundering



(Reuters) – The US Securities and Exchange Commission said on Friday that Wells Fargo Advisors had agreed to pay $ 7 million to settle allegations of anti-money laundering.

The regulator said Wells Fargo Advisors failed to submit at least 34 timely reports of suspicious activity between April 2017 and October 2021.

The default occurred because the broker failed to properly implement and test a new version of its internal money laundering monitoring and warning system, which was adopted in January 2019, the SEC said. The system failed to combine the various country codes used to monitor foreign bank transfers.

As a result, Wells Fargo Advisors did not submit at least 25 reports of suspicious activity related to suspicious transactions to its clients̵

7; brokerage accounts involving bank transfers to or from foreign countries that they deemed a risk of laundering, terrorist financing or other illegal money. movements.

“When SEC registrars like Wells Fargo Advisors fail to meet their AML obligations, they expose investors to risks,” said Gurbir Grewal, director of the SEC’s Enforcement Division, adding that the SEC sent a message to the rest of the industry to “AML obligations are sacred.”

“At Wells Fargo Advisors, we take regulatory responsibility seriously,” a bank spokeswoman said in an email. “This case refers to older problems that affected a transaction monitoring system and the problems were resolved immediately after the discovery.”


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