Kenneth Rijock

Kenneth Rijock

Thursday, December 18, 2014

FINRA FINES WELLS FARGO $1.5m FOR MASSIVE AML FAILURES


The Financial Industry Regulatory Authority has fined Wells Fargo Advisors LLC $1.5m, for  major rule violations, which have been acknowledged by the Respondent in an executed Acceptance and Consent. FINRA charges that Wells Fargo Advisors, and Wells Fargo Financial Network LLC, have suffered nine years of AML failures, which were belatedly reported to FINRA.

The firm's proprietary CIP program, according to the Consent, had design flaws which rendered it virtually ineffective, and violated NASD Rules 301(B), 3310(b), and 2010.

Readers who wish to examine the Letter of Acceptance, Waiver and Consent, may access the complete text here*.


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*No. 2012034123501 (you will need to input requested number to access document)

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