SEC Fines Wells Advisors $3.5 Million Over Money-Launder Procedures

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SEC Fines Wells Advisors $3.5 Million Over Money-Launder Procedures

SEC Fines Wells Advisors $3.5 Million Over Money-Launder Procedures

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The ongoing scandal at Wells Fargo & Co. extended to its wealth management unit on Monday as the Securities and Exchange Commission imposed a $3.5 million penalty on Wells Fargo Advisors for anti-money-laundering reporting violations.

Without admitting or denying the findings that new managers beginning in March 2012 pressured compliance officials to stop filing suspicious activity reports (SARs) in violation of the Bank Secrecy Act, Wells agreed to the settlement.

The regulator charged Wells with failing to file the reports, or for delaying filings, at least 50 times over 15 months, saying the majority of the violations involved accounts at Wells Advisor branches catering to international customers. The failures related to customers who had previously been the subject of suspicious activity reports.

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One Response to “SEC Fines Wells Advisors $3.5 Million Over Money-Launder Procedures”

  1. “Wells Fargo Drug Cartel” is nothing but a drug cartel, according to their own confession of judgment in the Florida court at the top of my “Salessi Litigation Page”, whereby they confessed to have laundered $1/2 trillion drug money in just a few years.
    ?I had been documenting their drug money laundering operations since 2007, three years before their above mentioned confession.?
    SEC has always been one of their primary crime facilitators. ?Here is a link to some related documentation:
    http://stopforeclosurefraud.com/2017/03/03/u-s-justice-department-targets-executives-in-wells-fargo-criminal-probe-sources/#comment-551162

    More related comments are available by searching:?
    “Salessi Weapons of Mass Disclosure” or, GOOGLE: (“SALESSI WMD”)

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