The tech failed, not surprised.
Am surprised they had a system instead of a spreadsheet for tracking
https://nypost.com/2022/05/20/sec-fines-wells-fargo-7m-for-anti-money-laundering-lapses/
14 replies (most recent on top)
Dear Broker,
This is the part in your compliance training where "including termination" will now apply.
@ary+1gRkr9HD whether the teller files it or notifies their supervisor, SARs is part of the BSA and AML process.
@ary+1gRkr9HD That’s right. Anyone who paid attention to their compliance training would know they file UARs.
@nmq+1gRkr9HD It’s not so much a matter of hiring smart/competent people at the bottom… most of the front line workers are capable but the issues are much more about a lack of accountability (or overlapping accountability), redundancies, and just general disorganization. All of the turnover and re-orgs over the past few years have made this a lot worse. Upper and middle management shoulder most of the blame…
This bank will always be corrupt - always.
Tellers don't file SAR's.
@sgf+1gRkr9HD SARS are the most basic of reporting. it's not rocket surgery. He-l, even tellers are instructed to file SARs.
The amazing part is that a system adopted in January 2019 could cause them to fail to file SARS between April 2017 and October 2021.
Either way, I guess those systems people that we get so cheap didn't do the needful.
We can’t do squat in home lending without getting an audit or going through testing and validation. How the heck was WFA able to get away with this?
@sgf, wow! Just wow! Maybe hire competent, smarter people.
If you work at WFA, you’re probably well aware of the overwhelming amount of red tape required to do the simplest task or transaction. Not only that, but the internal compliance requirements are tangled in layers of bureaucracy and often change sporadically and with little notice- making it difficult to keep up with the latest procedures.
So the problem isn’t that there is no oversight. The problem is that the controls are ineffective, redundant, and confusing to the point that even the people tasked with administering them sometimes don’t even know exactly how or why certain functions are supposed to be applied.
Gives you a whole new perspective on the timing of Hays exiting, huh?
This is a line item for the cost of doing business at WF. They should have to been required to forfeit the revenue generated by the transactions + the fine.
This is why they shut down the international division and gave away 300 talented advisors to the competition (Morgan Stanley got the most).