• Latest
  • Trending
Wells Fargo advisors fines $7 MLN by US SEC for anti-money laundering

Wells Fargo advisors fines $7 MLN by US SEC for anti-money laundering

People’s Bank and CA Sri Lanka to offer SME Mentoring Program

People’s Bank strikes Gold at Technnovation Awards 2022

Russia evades default through sheer force of will; Kremlin speaks

Russia evades default through sheer force of will; Kremlin speaks

Global economies struggle as oil supplies tighten, volatile stakes

G7 fixate on stricter sanctions to impose on Russia, oil rates wobble

People’s Bank and CA Sri Lanka to offer SME Mentoring Program

People’s Bank empowers local youth with People’s Spark Entrepreneurship Development Programme

People’s Bank and CA Sri Lanka to offer SME Mentoring Program

People’s Bank and CA Sri Lanka to offer SME Mentoring Program

Russia may be driven into default, Eurobonds due in payment

Russia may be driven into default, Eurobonds due in payment

Asia shares falls on worries over inflation, Fed outlook

An insightful glimpse of the market during the inflation period

Russia’s Sovcomflot managed to strike deals despite sanctions

Russia’s Sovcomflot managed to strike deals despite sanctions

Airbus revives plan for new single-aisle jet plant in Toulouse

Airbus A380 on the roll again, overlooking oil prices

Fed’s stress test on bank health results roll out on Thursday

Fed’s stress test on bank health results roll out on Thursday

King Coffee Wins Two Prestigious Awards at the Global Business Review Awards 2022

King Coffee Wins Two Prestigious Awards at the Global Business Review Awards 2022

Stock and Crypto CFD Are Now Available for Trading on Fullerton Markets’ MT5 Platform

Stock and Crypto CFD Are Now Available for Trading on Fullerton Markets’ MT5 Platform

Global Business Review Magazine
Saturday, July 2, 2022
Nominate Here
  • Home
  • Banking
  • Finance
  • Technology
  • FinTech
  • Business
  • Videos
  • Events
  • Awards
  • Magazine
No Result
View All Result
Global Business Review Magazine
No Result
View All Result

Wells Fargo advisors fines $7 MLN by US SEC for anti-money laundering

Wells Fargo advisors fines $7 MLN by US SEC for anti-money laundering

The U.S. Securities and Exchange commission said that Wells Fargo Advisors had agreed to pay $7 million to settle charges of anti-money laundering related violations. The regulator said Wells Fargo Advisors failed to file at least 34 Suspicious Activity Reports (SARs) in a timely manner between April 2017 and October 2021.

Bank spokeswoman Shea Leordeanu said that at Wells Fargo Advisors, they take regulatory responsibilities seriously. This matter refers to legacy issues that impacted a transaction monitoring system and the issues were resolved promptly upon discovery. The lapse arose because the broker failed to properly implement and test a new version of its internal anti-money laundering (AML) transaction monitoring and alert system adopted in January 2019. The system failed to reconcile the different country codes used to monitor foreign wire transfers.

YOU MAY ALSO LIKE

Russia evades default through sheer force of will; Kremlin speaks

G7 fixate on stricter sanctions to impose on Russia, oil rates wobble

As a result, Wells Fargo Advisors did not timely file at least 25 SARs related to suspicious transactions in its customers’ brokerage accounts involving wire transfers to or from foreign countries it determined to be a risk for laundering, terrorist financing, or other illegal money movements. Gurbir Grewal, director of the SEC’s Division of Enforcement said that when SEC registrants like Wells Fargo Advisors fail to comply with their AML obligations, they put the investing public at risk. He added that the SEC was sending a message to the rest of the industry that AML obligations are sacrosanct.

Tags: financeSecuritiesWells Fargo
ShareTweetShare

Search

No Result
View All Result

Recent News

People’s Bank and CA Sri Lanka to offer SME Mentoring Program

People’s Bank strikes Gold at Technnovation Awards 2022

Russia evades default through sheer force of will; Kremlin speaks

Russia evades default through sheer force of will; Kremlin speaks

Global economies struggle as oil supplies tighten, volatile stakes

G7 fixate on stricter sanctions to impose on Russia, oil rates wobble

People’s Bank and CA Sri Lanka to offer SME Mentoring Program

People’s Bank empowers local youth with People’s Spark Entrepreneurship Development Programme

People’s Bank and CA Sri Lanka to offer SME Mentoring Program

People’s Bank and CA Sri Lanka to offer SME Mentoring Program

Russia may be driven into default, Eurobonds due in payment

Russia may be driven into default, Eurobonds due in payment

Global Business Review Magazine

Global Business Review is a online print magazine focusing on the updates and information about on emerging markets, Finance, Banking, Technology. Global Business Review provides news, features, analysis, commentary, and interviews from industry across the globe.

Recent News

  • People’s Bank strikes Gold at Technnovation Awards 2022
  • Russia evades default through sheer force of will; Kremlin speaks
  • G7 fixate on stricter sanctions to impose on Russia, oil rates wobble
  • People’s Bank empowers local youth with People’s Spark Entrepreneurship Development Programme
  • People’s Bank and CA Sri Lanka to offer SME Mentoring Program

Categories

  • Banking
  • Business
  • Events
  • Finance
  • FinTech
  • Tech
  • Videos
  • About
  • Nominate
  • Privacy & Policy

© 2022 Global Business Review Magazine - All Rights Reserved.

No Result
View All Result
  • Home
  • Banking
  • Finance
  • Technology
  • FinTech
  • Business
  • Videos
  • Events
  • Awards
  • Magazine

© 2022 Global Business Review Magazine - All Rights Reserved.

Go to mobile version