WELLS FARGO PROMISES COMPREHENSIVE AML/CFT REVAMP IN FORMAL DEAL WITH US BANKING REGULATOR
September 23rd, 2024
Major US bank Wells Fargo has promised the American banking regulator to improve its financial crimes risk management and AML internal controls. In a formal agreement with the Office of the Comptroller of the Currency (OCC) it pledged to improve suspicious activity and currency transaction reporting, customer due diligence and its customer identification and beneficial ownership programmes. These promises require "the bank to take comprehensive corrective actions to enhance its Bank Secrecy Act/anti-money laundering and U.S. sanctions compliance programmes,” ...
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