{"id":6078,"date":"2016-12-07T18:46:06","date_gmt":"2016-12-08T00:46:06","guid":{"rendered":"https:\/\/www.institutionalinvestorsecuritiesblog.com\/?p=1270"},"modified":"2022-03-11T13:39:36","modified_gmt":"2022-03-11T19:39:36","slug":"finra-anti-money-laundering-cases-render-huge-1m-fine-wells-fargo-16-5m-credit-suisse","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/finra-anti-money-laundering-cases-render-huge-1m-fine-wells-fargo-16-5m-credit-suisse\/","title":{"rendered":"FINRA Anti-Money Laundering Cases Render Huge $1M Fine for Wells Fargo and $16.5M Fine for Credit Suisse"},"content":{"rendered":"

\t\t\t\tWells Fargo Fined $1M Over Supervision of Consolidated Client Reports<\/strong><\/p>\n

The Financial Industry Regulatory Authority says that Wells Fargo (WFC)\u00a0 must pay a $1M fine for not having reasonable supervisory systems in place to oversee the generation of consolidated reports for clients. The broker-dealers that were specifically cited were Wells Fargo Advisors Financial Network (WFAFN) and Wells Fargo Advisors (WFA), also referred to as Wells Fargo Clearing Services.They agreed to settle but did not admit or deny the settlement\u2019s findings.<\/p>\n

FINRA\u2019s rules mandate that consolidated reports, which are documents that include information about a customer\u2019s financial holdings, even if they are held in different places, must be accurate, clear, and not misleading.\u00a0 According to the regulator, between 6\/2009 and 6\/2015, the brokerage firms did not enforce supervisory systems for the use of consolidated reports that registered representatives generated via a specific application. During the relevant period, Wells Fargo advisers used the application to create over five million company reports.<\/p>\n

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

Wells Fargo Fined $1M Over Supervision of Consolidated Client Reports The Financial Industry Regulatory Authority says that Wells Fargo (WFC)\u00a0 must pay a $1M fine for not having reasonable supervisory systems in place to oversee the generation of consolidated reports for clients. The broker-dealers that were specifically cited were Wells Fargo Advisors Financial Network (WFAFN) […]<\/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":[3817,3739,3836],"tags":[2658],"class_list":["post-6078","post","type-post","status-publish","format-standard","hentry","category-credit-suisse","category-finra","category-wells-fargo","tag-anti-money-laundering-violations"],"yoast_head":"\nFINRA Anti-Money Laundering Cases Render Huge $1M Fine for Wells Fargo and $16.5M Fine for Credit Suisse — Investor Lawyers Blog — December 7, 2016<\/title>\n<meta name=\"description\" content=\"Wells Fargo Fined $1M Over Supervision of Consolidated Client Reports The Financial Industry Regulatory Authority says that Wells Fargo (WFC)\u00a0 must pay a — December 7, 2016\" \/>\n<meta name=\"robots\" content=\"index, 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