The Federal Reserve and Treasury Department fined Wells Fargo $97.8 million due to allegations that the bank allowed an unnamed foreign bank to make hundreds of millions of dollars in transactions on its "Eximbills" financial platform despite being prohibited from doing so due to United States sanctions against countries such as Iran, Syria, and Sudan.

In August 2023, NBC News reported that new claims were being made that alleged that since 2022, additional accounts at Wells Fargo have been created without the permission or knowledge of the customers associated with these accounts. Wells Fargo representatives responded to these claims that the allegations of unlawful activity are without merit.

 However, despite claiming to have changed and that no misconduct is taking place. On October 31, 2023, Wells Fargo revealed in a regulatory filing that the company was once again under investigation, this time by the Securities and Exchange Commission (SEC) concerning the cash sweep options that Wells Fargo provides to investment advisory clients when they open accounts.