Irish central bank levies record fine on Wells Fargo
Irish subsidiary of US bank fined $6.6 million for “serious failings" in regulatory reporting
The Central Bank of Ireland fined the local subsidiary of US bank Wells Fargo €5.88 million ($6.6 million) on July 3 for serious regulatory and governance failures.
The central bank announced the fine today (July 5), saying it had found “serious failings” in Wells Fargo’s regulatory reporting capability and compliance. This is the second-largest fine it has ever imposed. In May, it levied a €21 million fine on Permanent TSB bank.
“The governance arrangements and internal controls relating to
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