On 30 March 2023, Wells Fargo agreed to remit $30 million to settle its penalty liability across multiple sanctions programs with US Department of the Treasury’s Office of Foreign Asset Controls (“OFAC”).1 Across several years, Wells Fargo and its predecessor in Europe, Wachovia Bank, provided software that was used to process transactions with US-sanctioned jurisdictions and persons.
Wells Fargo acquired Wachovia and inherited Wachovia’s trade insourcing relationships, including a rel...
Continue reading
SUBSCRIBED FEATURES
- Export Compliance Manager Tackles the issues and challenges that keep trade compliance professionals awake at night... with insight and with solutions.
- Export Compliance Manager Shares the know-how of experienced professionals, keeping its readers on top of developing best practice in trade compliance AND helping to deliver real commercial advantage.
- Export Compliance Manager Celebrates the valuable contribution of trade compliance professionals to their companies, communities and to international security.
