Two Wells Fargo entities registered as broker dealers—Wells Fargo Advisors, LLC and Wells Fargo Advisors Financial Network, LLC—agreed to pay a joint and several fine of US $1.5 million related to a breakdown in its customer identification program from October 1, 2003, through October 19, 2012.  During this period the firms did not verify the identity of all customers opening a new account, as required by law. This is because the firms sometimes used recycled identifiers of old accounts that previously had been closed for new customers. However, the firms’ CIP system recognized the new customers’ identifiers as existing accounts, and did not verify their identity. Approximately 220,000 accounts were impacted by this breakdown. FINRA acknowledged that the two Wells Fargo entities self-discovered and remediated this issue on accounts that were still open when the error was caught, fixed their CIP system, and self-reported the violations to FINRA.