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US SEC fines Wells Fargo Advisors for violating AML

Friday 27 May 2022 09:46 CET | News

The US Securities and Exchange Commission (SEC) has fined thirds largest US brokerage firm Wells Fargo Advisors with USD 7 million amid violations of AML regulations.

According to SEC, the brokerage firm is dually registered with the SEC as a broker-dealer and an investment adviser and failed to trigger the monitoring system’s expected AML alerts over wire transfers over USD 5,000 to or from high risk and moderate risk countries.

As a result of SEC’s investigation, at least 25 out of the 1,708 wire transfers of Wells Fargo’s violated anti-money laundering regulations by not filing Suspicious Activity Reports (SARs) on time. 

The investigation concluded that the US brokerage company must cease and desist from committing future violations of the AML regulations sections and will pay a USD 7 million fine for previous acts. The company agreed to pay the fine and settle the charges.


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Keywords: regulation, compliance, AML, transaction monitoring, risk management
Categories: Fraud & Financial Crime
Companies: SEC, Wells Fargo
Countries: United States
This article is part of category

Fraud & Financial Crime

SEC

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Wells Fargo

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