By Maya Lester KC & Michael O’Kane

Wells Fargo to pay $97.8 million over European bank’s use of software to violate sanctions

The US Federal Reserve Board yesterday announced that it had fined Wells Fargo & Co. $67.8 million for the firm’s unsafe or unsound practices relating to historical inadequate oversight of sanctions compliance risks at its subsidiary, Wells Fargo Bank, N.A. In conjunction, OFAC announced that Wells Fargo Bank had agreed to pay $30 million to settle its potential civil liability …

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About Maya Lester KC

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Maya Lester KC is a senior barrister (King’s Counsel) at Brick Court Chambers with a wide-ranging practice in public law, European law, competition law, international law, human...

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