OCC - Office of Comptroller of Currency
09/12/2024 | Press release | Distributed by Public on 09/12/2024 12:12
OCC Issues Enforcement Action Against Wells Fargo Bank
WASHINGTON-The Office of the Comptroller of the Currency (OCC) today entered into a Formal Agreement with Wells Fargo Bank, N.A.
The Formal Agreement identifies deficiencies relating to the bank's financial crimes risk management practices and anti-money laundering internal controls in several areas including suspicious activity and currency transaction reporting, customer due diligence, and the bank's customer identification and beneficial ownership programs.
The agreement requires the bank to take comprehensive corrective actions to enhance its Bank Secrecy Act/anti-money laundering and U.S. sanctions compliance programs.