(Reuters) - Two brokerage units of Wells Fargo & Co must pay a joint $1.5 million fine for failing to comply with anti-money laundering regulations by not verifying 220,000 new accounts during a nine-year period, the Financial Industry Regulatory Authority (FINRA) said on Thursday.
The lapses, at Wells Fargo Advisors and Wells Fargo Advisors Financial Network, occurred between 2003 and 2012, according to FINRA, the Wall Street's watchdog. Wells Fargo & Co neither admitted nor denied FINRA's allegations, the regulator said.
A Wells Fargo spokesman declined to comment.
(Reporting by Suzanne Barlyn; Editing by Jeffrey Benkoe)
