Wells Fargo Bank has agreed a US$30 million settlement with the US treasury department’s Office of Foreign Assets Control (OFAC) in respect of its potential civil liability for apparent violations of sanctions against Iran, Syria, and Sudan.

For about seven years, Wells Fargo and its predecessor, Wachovia Bank, provided a foreign bank located in Europe with software that the foreign bank then used to process trade finance transactions with US-sanctioned jurisdictions and persons.

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