US: Wells Fargo fined over $14 Million for swap requirements violation
0 comments
The Commodity Futures Trading Commission (CFTC) has sanctioned Wells Fargo Bank, N.A. for violating swap dealer business conduct standards.
CFTC noted that Wells Fargo failed to deal with a counterparty in a fair and balanced manner based on principles of fair dealing and good faith.
The bank also failed to implement and monitor systems to ensure compliance with policies and procedures regarding communicating with counterparties in a fair and balanced manner.
Wells Fargo is to pay a civil monetary penalty of $10 million, restitution of $4.475 million, and to cease and desist from violating the CFTC’s business conduct standards.
Photo: Kellie Quintana from Pixabay