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European bank’s use of Wachovia software leads to US sanctions violations penalty for Wells Fargo

By Samuel Rubenfeld ( March 30, 2023, 22:10 GMT | Insight) -- An unnamed European bank used software developed by Wachovia bank to process more than 120 non-US dollar transactions worth the equivalent of $532 million on behalf of sanctioned parties or jurisdictions, according to a settlement the US government announced today with Wells Fargo.An unnamed European bank used software developed by Wachovia bank to process more than 120 non-US dollar transactions worth the equivalent of $532 million on behalf of sanctioned parties or jurisdictions, according to a settlement the US government announced today with Wells Fargo....

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