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NEWS: Wells Fargo to pay $97M for sanctions compliance failures

By Hannah Lang

Wells Fargo & Co (WFC.N) will pay fines of about $97.8M for inadequate oversight of its compliance risks, enabling the apparent violation of US sanctions against Iran, Syria and Sudan, federal authorities said on Thursday.

The Federal Reserve and the Treasury Department’s Office of Foreign Assets Control (OFAC) said the bank’s deficient oversight enabled it to violate U.S. sanctions by providing a trade finance platform to a foreign bank that used it to process $532M in prohibited transactions.

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