Wells Fargo Fined €5.8m by Ireland’s Central Bank
Ireland’s Central Bank has issued Wells Fargo Bank International with a fine of around €5.8m after it unveiled “serious” breaches in its regulatory reporting.
The US bank, which hosts its European office in Ireland, was found to have committed as many as five breaches, including a failure to accurately report the amount of capital it held within the Irish bank. Moreover, the Central Bank found that Wells Fargo’s governance arrangements and internal controls relating to regulatory reporting were so inadequate that the firm was unable to detect its own non-compliance.
The Central Bank began its investigation of Wells Fargo in 2016 and subsequently uncovered “serious and systemic failings” that occurred between 2014 and 2019. As well as reporting errors, Wells Fargo was also found to have “weak” controls, a “lack of robust board and senior management oversight”, and “a significant number of manual adjustments used to prepare regulatory returns.”