Wells Fargo Reaches Agreement With US Bank Regulatory Agency About Anti-Money Laundering, Financial Crimes Risk Management Practices

Wells Fargo & Co WFC shares traded lower Thursday after the U.S. Office of the Comptroller of the Currency (OCC) entered into a formal agreement with the company as related to its anti-money laundering (AML) and sanctions risk management practices. 

The Details: The OCC said that it found deficiencies relating to Wells Fargo's anti-money laundering internal controls and financial crimes risk management practices. 

Wells Fargo issued a statement Thursday announcing a new agreement, which will require enhancements to the bank's anti-money laundering (AML) and sanctions risk management practices, obtaining the OCC’s acceptance of Wells Fargo's program for assessing the AML and sanctions risks of new offerings and providing notice to the OCC before expanding certain of those offerings. 

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“We have been working to address a substantial portion of what’s required in the formal agreement, and we are committed to completing the work with the same sense of urgency as our other regulatory commitments,” Wells Fargo said in the statement issued Thursday. 

WFC Price Action: According to Benzinga Pro, Well Fargo shares ended Thursday's session 4.02% lower at $51.57.

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