SEC Fines Wells Fargo Brokerage Unit $7M For AML Lapses

By Jon Hill (May 20, 2022, 10:35 AM EDT) -- A Wells Fargo & Co. unit has agreed to pay a $7 million fine to settle U.S. Securities and Exchange Commission claims of anti-money laundering lapses stemming in part from the allegedly faulty rollout of a new version of its transaction monitoring system, the agency said Friday.

A Wells Fargo & Co. unit will pay $7 million to settle SEC claims of anti-money laundering lapses, the agency said Friday. (Photo by John Nacion/SOPA Images/LightRocket via Getty Images) The SEC said that Wells Fargo Advisors, a St. Louis-based broker-dealer subsidiary of the banking giant, failed to timely file at least 34 suspicious...

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