The Central Bank of Ireland (CBI) has slapped a €5.9 million penalty on Wells Fargo Bank International Unlimited Company, the second biggest fine it has ever issued, for what it called a prolonged series of regulatory reporting breaches and “serious and systemic weaknesses” in its reporting systems.
Wells Fargo admitted to five breaches between 2014 and 2019 that led it misreport is capital position. A statement from the bank said that it took its reporting repsonsibilities serriously and hasmade siginificant improvements to its systems and processes since the breaches were uncovered.
