Ireland’s Central Bank said Wells Fargo Bank International admitted to five breaches from 2014 to 2019, including a failure to accurately report its capital position that revealed “serious and systemic weaknesses” in its reporting capability.
The other breaches included a failure to properly document processes and procedures, the lack of robust board and senior management oversight and a failure to comply with regulatory requirements in relation to liquidity testing. Weak IT systems also necessitated an excessively high level of manual adjustments in the preparation of regulatory returns, which the central bank said contributed to incorrect calculations, according to Reuters.
A spokesperson for Wells Fargo said the bank took its regulatory obligations seriously and had made significant improvements to its systems and processes since the breaches occurred, Reuters added.
Wells Fargo has been beset by a string of mis-selling scandals in the US, prompting billions of dollars in fines and an unprecedented cap on its balance sheet by the Federal Reserve.
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