{"id":1874,"date":"2017-11-13T16:27:30","date_gmt":"2017-11-13T22:27:30","guid":{"rendered":"https:\/\/www.institutionalinvestorsecuritiesblog.com\/?p=1874"},"modified":"2022-03-11T13:39:23","modified_gmt":"2022-03-11T19:39:23","slug":"sec-orders-wells-fargo-advisors-pay-3-5m-penalty","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/sec-orders-wells-fargo-advisors-pay-3-5m-penalty\/","title":{"rendered":"SEC Orders Wells Fargo Advisors to Pay $3.5M Penalty"},"content":{"rendered":"

\t\t\t\tThe US Securities and Exchange Commission is ordering Wells Fargo & Co.\u2019s (WFC) wealth management unit to pay $3.5M for alleged anti-money laundering reporting violations. Wells Fargo Advisors agreed to pay the penalty. It is settling the charges but without denying or admitting to the regulator\u2019s findings.<\/p>\n

According to the SEC, starting in early 2012, new bank managers started pressing compliance officials to cease in their submission of suspicious activity reports. The failure to file these SARs reports, or delay them, reportedly occurred 50 times in a little over a year and involved accounts for international customers who were previously named in such reports.<\/p>\n

Federal law mandates that broker-dealers notify the U.S. Treasury Department\u2019s Financial Crimes Enforcement Network about any transactions of at least $5K that they believe may involve illegal activity. The regulator blames a \u201cnew senior manager\u201d that was hired in the brokerage firm\u2019s compliance group and placed in charge of the anti-money laundering program.<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The US Securities and Exchange Commission is ordering Wells Fargo & Co.\u2019s (WFC) wealth management unit to pay $3.5M for alleged anti-money laundering reporting violations. Wells Fargo Advisors agreed to pay the penalty. It is settling the charges but without denying or admitting to the regulator\u2019s findings. According to the SEC, starting in early 2012, […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3760,3761,3836,3938],"tags":[],"class_list":["post-1874","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-sec-enforcement","category-securities-and-exchange-commis","category-wells-fargo","category-whistleblowers"],"yoast_head":"\nSEC Orders Wells Fargo Advisors to Pay $3.5M Penalty — Investor Lawyers Blog — November 13, 2017<\/title>\n<meta name=\"description\" content=\"The US Securities and Exchange Commission is ordering Wells Fargo & Co.\u2019s (WFC) wealth management unit to pay $3.5M for alleged anti-money laundering — November 13, 2017\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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