FINRA ordered Wells Fargo's employee and independent broker-dealers to jointly pay $1.5 million for failing to follow required anti-money laundering procedures.

Over a nine year period, Wells Fargo Advisors and Wells Fargo Advisors Financial Network failed to properly perform a required identity verification process on approximately 220,000 new client accounts, regulators said. When imposing the fine, FINRA said it took into account that the firm discovered the issue, reported it and took actions to correct the problem.

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