The U.S. Securities and Exchange Commission (SEC) announced that Wells Fargo Advisors agreed to pay $7 million to settle charges of anti-money laundering related violations.
The charges claim that it had violated federal anti-money laundering regulations by failing to file suspicious activity reports. Wells Fargo Advisors is the subsidiary of banking giant Wells Fargo & Company.
In a detailed accusations release by SEC, the subsidiary was unable to implement a new version of its internal anti-money laundering (AML), monitoring and alert system it adopted in January 2019.
Consequently, it failed to timely file at least 25 suspicious activity reports. The SEC said some were as recent as October 2021, related to wire transfers to or from foreign countries deemed at risk of fa...
