Ireland Fines Wells Fargo $6.5M For Reporting Breaches

Law360, London (July 5, 2019, 10:51 AM BST) -- The Central Bank of Ireland slapped an Irish unit of Wells Fargo & Co. with a €5.88 million ($6.5 million) fine after it found “widespread systemic failures” in the way that the firm complied with its regulatory reporting duties.

Ireland's central bank fined a local Wells Fargo unit for widespread failures to comply with its regulatory reporting duties. (AP) Wells Fargo Bank International Unlimited Co., a subsidiary of the U.S. banking giant, admitted to five breaches of regulatory reporting rules between January 2014 and February 2019, the central bank said. The unit, known as WFBI, agreed with the central bank that...

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