SEC Fines Wells Fargo Brokerage Unit $7M For AML Lapses

By Jon Hill (May 20, 2022, 10:35 AM EDT) — A Wells Fargo & Co. unit has agreed to pay a $7 million fine to settle U.S. Securities and Exchange Commission claims of anti-money laundering lapses stemming in part from the allegedly faulty roll-out of a new version of its transaction monitoring system, the agency said Friday.

The SEC said that Wells Fargo Advisors, a St. Louis-based broker-dealer subsidiary of the banking giant, failed to timely file at least 34 suspicious activity reports, or SARs, between April 2017 and October 2021.

At least 25 of these late filings related to transactions in customer brokerage accounts that involved wire transfers to or…

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