OCC Identifies Deficiencies In Wells Fargo's Financial Crimes Controls

(RTTNews) - The Office of the Comptroller of the Currency said it entered into a Formal Agreement with Wells Fargo Bank, N.A.

The Formal Agreement highlights deficiencies in the bank's financial crimes risk management practices and anti-money laundering controls. These issues include weaknesses in 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.

Meanwhile, Wells Fargo said it has been working to address a substantial portion of what's required in the formal agreement, and it is committed to completing the work with the same sense of urgency as its other regulatory commitments.