On September 12, 2024, the OCC entered into a Formal Agreement with Wells Fargo Bank, N.A. 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.
Wells Fargo is the third largest bank in the United States. The OCC has identified deficiencies in the Bank’s anti-money laundering (“AML”) internal controls and financial crimes risk management practices. According to the OCC, the Bank violated laws and regulations, including internal control pillar, suspicious activity reporting, customer due diligence), customer identification program, beneficial ownership, currency transaction reporting, and travel rule.
Read the OCC’s press release here.
The Formal Agreement can be found here.