Wells Fargo Bank International has been fined €5,880,000 by the Central Bank of Ireland(CBI) for reporting failures and also for failures around the governance of reporting. The reporting relates to capital calculations and filings under CRD IV and connected legislation. The fine was reduced for early settlement according to the usual CBI fining formula. More details can be found here.

While the fine relates to regulations that only apply to financial firms (including in some cases commodity dealers that are financially authorised), the level of fine sends a further message to the market that data should be reported correctly, following previous fines (see here).