Wells Fargo Advisors, a brokerage arm of the bank, has agreed to pay $7 million in a settlement with the Securities and Exchange Commission after alleged glitches in a new anti-money-laundering system let suspicious transactions escape initial notice
& Co. unit has agreed to pay $7 million in a settlement with the Securities and Exchange Commission after alleged glitches in a new anti-money-laundering system let suspicious transactions escape initial notice.
Mr. Grewal said the agency wanted to send a message that anti-money-laundering obligations are “sacrosanct.” Banks, brokers and many other money-handling businesses are required to file SARs to inform government agencies about potentially suspicious transactions. Most of Wells Fargo’s alleged shortfalls stemmed from failure to make sure that an anti-money-laundering system installed in 2019 actually worked as intended, the SEC said.
That issue—affecting at least 25 reports that weren’t filed in a timely manner, according to the SEC—was discovered when the Financial Industry Regulatory Authority, a Wall Street self-regulatory body, pointed out that Wells Fargo didn’t seem to be receiving alerts on a number of transactions that its systems should have flagged.
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