Editor’s note: This story is developing and will be updated.
The Office of the Comptroller of the Currency has issued an enforcement action against Wells Fargo. Anti-money laundering deficiencies Regulators said Thursday they found problems with the bank’s internal controls and financial crime risk management practices.
The agency said: deficiencies in several areas of the San Francisco-based financial institution’s controls and practices, including reporting of suspicious activity and currency transactions, customer due diligence and Wells’ customer identification and beneficial ownership programs; According to a news release:.
The agreement will require Wells to strengthen its AML and sanctions risk management practices, have the OCC approve the bank’s program for assessing the AML and sanctions risks of new offerings, and notify regulators before expanding some of those offerings, the bank said.
in Statement of Definitive Agreement Regarding its discussions with the OCC, the bank said it is “working to address the majority of the matters required by the definitive agreement and is focused on completing the work with the same urgency as our other regulatory obligations.”
