Wells Fargo & Company (NYSE:WFC) has been fined US$97.8mln by the Federal Reserve and the Treasury Department for facilitating transactions that violated US sanctions laws.
The bank reportedly allowed a foreign institution to process US$532mln in prohibited transactions on its Eximbills platform between 2010 and 2015.
Wells Fargo removed the client from its platform in 2015 and reported the issue to authorities, reports from the US say.
It has agreed to a settlement over the violations involving Iran, Syria and Sudan.
The Federal Reserve imposed a US$67.8mln fine, while the Treasury Department's Office of Foreign Assets Control levied a US$30mln penalty.
Wells Fargo has faced multiple scandals in recent years, including the opening of fake accounts, illegal fees and interest charges on loans, and conducting false job interviews to meet diverse hiring goals.