Office of the Comptroller of the Currency (OCC) on Thursday revealed an enforcement action on Wells Fargo Bank due to laxity in its safeguards against money laundering and other illegal banking transactions.
The U.S. regulator identified deficiencies relating to the bank's financial crimes risk management practices and anti-money laundering internal controls. The agency highlighted suspicious activity and currency transaction reporting, issues with customer due diligence and the bank's customer identification and beneficial ownership programs.
