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CHARLOTTE — Wells Fargo & Co. finds itself once again in the regulatory crosshairs, with the Office of the Comptroller of the Currency saying it has reached a formal agreement with the bank over “deficiencies” in its practices to fight money laundering.
Specifically, the OCC took aim at the San Francisco bank’s anti-money laundering and sanctions risk management practices.
The OCC’s enforcement action against Wells Fargo Bank, announced Sept. 12, does not include a monetary penalty. But the agreement does not allow the bank to expand into high-risk areas without permission from the regulator.
Read the full story on CBJ’s website here.
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