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Wells Fargo fined in Ireland over regulatory reporting breaches

Written by Business World, on 5th Jul 2019. Posted in Financial

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Wells Fargo & Co's Irish subsidiary has been fined 5.9 million euros for regulatory reporting breaches and related governance failings, Ireland's Central Bank said on Friday.

Wells Fargo Bank International Unlimited Company admitted to five breaches from 2014 to 2019, including failing to accurately report its capital position, which reduced the fine from the appropriate level of 8.4 million euros, the central bank said.

"WFBI's serious failings are of concern to the Central Bank and indicate that there was a poor compliance culture as it pertained to regulatory reporting," Seana Cunningham, director of enforcement at the central bank said in a statement. (Reuters)

Source: www.businessworld.ie

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