Anti-Money Laundering Violations Wells Fargo Advisors was Fined

For the record, this isn’t the first time that this has happened. Wells Fargo Advisors agreed to pay $7 million to resolve accusations of anti-money laundering breaches, the Securities and Exchange Commission said on Friday.

Wells Fargo Advisors was Fined

At least 34 Suspicious Activity Reports were not filed by Wells Fargo Advisors between April 2017 and October 2021, according to the agency.

According to the Securities and Exchange Commission, the broker’s internal anti-money laundering transaction monitoring and warning system was not properly implemented and tested in January 2019. The numerous country codes used to track international wire transfers could not be reconciled by the system.

It was because of this that at least 25 suspicious activity reports relating to suspicious transactions in customers’ brokerage accounts were not timely filed by Wells Fargo Advisors regarding wire transfers to or from countries it determined to be a risk for laundering, terrorist financing or other illegal money movements.

AML requirements are sacred to SEC registrants, according to Gurbir Grewal, the Division of Enforcement’s director. “When SEC registrants like Wells Fargo Advisors fail to comply with their AML obligations, they put investors at risk,” Grewal said.

In an emailed reply, a Wells Fargo Advisors representative stated, “We take our regulatory duties very seriously.” “This problem relates to flaws with a transaction monitoring system that were discovered and rectified quickly.”

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