SEC Announces Charges Against Wells Fargo Advisors Related to AML -Breaking
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© Reuters. SEC Charges Wells Fargo Advisors in AML-related Crimes- The US SEC has announced that charges have been brought against Wells Fargo Advisors failing to file at most 34 Suspicious Activity Reports. (NYSE:
- The Division of Enforcement director voiced concern over this.
- Following this case, the SEC will send out a clear message and directive to all registrants.
On May 20, the US Securities and Exchange Commission (SEC) posted on Twitter (NYSE:) that they are pressing “charges against Wells Fargo Advisors for failing to file at least 34 Suspicious Activity Reports in a timely manner between April ‘17 & Oct ‘21. Wells Fargo Advisors, the St. Louis-based broker-dealer, agreed to pay $7M to settle the charges.”
According to the SEC’s order, the system failed to reconcile the different country codes used to monitor foreign wire transfers due to the deficient implementation and failure to test a new version of its anti-money laundering (AML) transaction monitoring and alert system adopted in January 2019 by Wells Fargo Advisors.
Wells Fargo Advisors failed to file 25 Suspicious Activity Reports.
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