Op risk data: Wells Fargo whacked for Wachovia lapse, and a Ponzi slap
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Wells Fargo leads March’s major losses on two counts – the first of which hit the bank with fines totalling $97.8 million. The lender was forced to settle claims it facilitated trade finance transactions with US-sanctioned jurisdictions and persons in one fine of $30 million, paid to the US Department of the Treasury’s Office of Foreign Assets Control (OFAC), and a further fine of $67.8 million to the US Federal Reserve.
Some 124 violations of US sanctions against Iran, Syria and Sudan sparked
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