The Treasury Department’s Office of the Comptroller of the Currency ordered Wells Fargo to make “comprehensive corrective actions” to its Bank Secrecy Act/anti-money laundering and U.S. sanctions programs, along with receive permission from the OCC to offer new products and services or enter new geographic markets with “medium or high” BSA/AML and sanctions risks.
The OCC said that it has identified deficiencies in a number of BSA/AML and sanctions controls at Wells Fargo, including in “suspicious activity and currency transaction reporting, customer due diligence, and the bank’s customer identification and beneficial ownership programs,” according to a press release Thursday. Wells Fargo must develop a BSA/AML and sanctions action plan to address the issues within 120 days.
