Public statement relating to enforcement action against Wells Fargo International Unlimited Company

• Date: 05 July 2019

1

ENFORCEMENT ACTION

CENTRAL BANK OF IRELAND

and

WELLS FARGO BANK INTERNATIONAL UNLIMITED COMPANY

Wells Fargo Bank International Unlimited Company reprimanded and fined €5,880,000 by

the Central Bank of Ireland for regulatory reporting breaches and related governance

failings

On 3 July 2019, the Central Bank of Ireland (the Central Bank) reprimanded and fined Wells

Fargo Bank International Unlimited Company (WFBI or the Firm) €5,880,000 for serious

failings in its regulatory reporting capability and compliance.

The Firm has admitted five breaches.The breaches varied in duration from 1 January 2014 to

28 February 2019. The breaches include failure to accurately report the Firm’s capital position

and to comply with a requirement in relation to liquidity testing.

The Central Bank determined that the appropriate fine was €8,400,000, which was reduced by

30% in accordance with the settlement discount scheme provided for inthe Central Bank’s

Administrative Sanctions Procedure.

The Central Bank’s investigation into the Firm commenced following a thematic inspection of

regulatory reporting (the Inspection) in five peer credit institutions in 2016. The Inspection

focused on end-to-end processes, internal controls and governance of regulatory reporting.