Money Laundering Bulletin
Wells Fargo pays US$30m over US sanctions breaches via hosted trade insourcing software
In 2008, Wells Fargo Bank acquired Wachovia Bank and, accordingly, a trade insourcing relationship with an unnamed European bank. Wachovia had customised software to send back transactions involving US-sanctioned entities for processing on a hosted version of its trade insourcing platform.
In 2008, Wells Fargo Bank acquired Wachovia Bank and, accordingly, a trade insourcing relationship with an unnamed European bank. Wachovia had customised software to send back transactions involving US-sanctioned entities for processing on a hosted version of its trade insourcing platform.