Central Bank of Ireland Fines Wells Fargo Unit
Posted on 07/05/2019
The Central Bank of Ireland issued a €5.88 million fine to Wells Fargo Bank International Unlimited Company (WFBI) over serious failings in its regulatory capability and compliance in Ireland. WFBI is an indirect subsidiary to Wells Fargo & Company. WFBI admitted to five regulatory breaches which occurred between January 2014 to February 2019. WFBI was found to be deficient in its regulatory reporting capability and inadequate internal control mechanisms.