Wells Fargo Bank, N.A. — $30,000,000 OFAC penalty
OFAC published a $30,000,000 civil penalty against Wells Fargo Bank, N.A. on 03/30/2023. It is the #24 largest action in OFAC’s 1,052-entry enforcement chart and #3 of the 16 actions published that year.
The record
| Entity, as published by OFAC | Wells Fargo Bank, N.A. |
|---|---|
| Penalty / settlement amount | $30,000,000 |
| Date published by OFAC | 03/30/2023 |
| Aggregate penalties, settlements or findings | 1 |
| Rank among all published OFAC actions | #24 of 1,052 |
| Rank within 2023 | #3 of 16 |
| Share of 2023 penalty total | 1.9% |
| Apparent violations cited | 124 |
| Statutory maximum penalty | $1,066,738,422.22 |
| Base penalty | $533,369,211 |
| Voluntarily self-disclosed | Yes |
| OFAC egregiousness determination | Egregious |
| Sanctions programs named in the release | Iran |
Settlement against statutory maximum
OFAC put the statutory maximum civil monetary penalty for this case at $1,066,738,422.22. The settled amount of $30,000,000 is 2.8% of that maximum, which OFAC's Enforcement Guidelines tie to factors including voluntary self-disclosure and whether the conduct was egregious.
Primary source
OFAC enforcement release: 20230330_wells_fargo.pdf. This page adds no facts beyond that document and OFAC’s published penalty chart.
Other published actions involving this name
- Wells Fargo Bank, N.A. — $67,500 on 12/21/2010
- Wells Fargo Bank — $42,833 on 01/07/2005
- Wells Fargo Bank, N.A. — $23,937 on 06/27/2013
- Wells Fargo Bank — $5,500 on 04/04/2003
Matched on the entity name OFAC published. Similar names do not always mean the same legal entity — check each release.
Comparable 2023 actions
- 3M Company — $9,618,477
- Poloniex, LLC — $7,591,630
- Nasdaq, Inc. — $4,040,923
- Murad, LLC, and an Individual — $3,509,286
- Swedbank AS (Latvia) — $3,430,900
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