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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Joe Mont2019-05-17T15:19:00
Back in January, Wells Fargo issued a comprehensive Business Standards Report, “Learning from the past, transforming the future.”
The document details the many changes the banking giant has made to address causes of past issues and provides updates on the company’s businesses, practices, and progress.
“Following Wells Fargo’s September 2016 regulatory settlements related to retail banking sales practices, we made our top priority the restoration of the trust we lost,” the report says. “We began with self-reflection—reviewing what happened so we could fully understand where things broke down, learn from our mistakes, make things right for customers who were harmed, and begin to rebuild trust. The report addresses actions Wells Fargo has taken—and continues to take—to improve its culture, revamp its organizational structure, and strengthen risk management and controls.”
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News and analysis for the well-informed compliance or audit exec.
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2020-04-08T16:52:00Z By Jaclyn Jaeger
An asset cap imposed on Wells Fargo in response to systemic failures at the bank in recent years has been temporarily modified to reduce limitations on its ability to distribute loans amid the coronavirus pandemic.
2020-02-28T17:29:00Z By Jaclyn Jaeger
Two more settlements reached by Wells Fargo with regulators in the span of a week impart yet more “what not to do” ethics and compliance lessons.
2020-02-21T21:55:00Z By Jaclyn Jaeger
The Department of Justice and Securities and Exchange Commission on Friday assessed total civil and criminal penalties of $3 billion against Wells Fargo & Co. and its subsidiary, Wells Fargo Bank, in the aftermath of its fake account scandal.
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A lack of risk visibility is causing companies to reject customers–and potentially lose money–over fears they might be in danger of violating rules around anti-money laundering and sanctions regulations.
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The Treasury Department’s Financial Crimes Enforcement Network updated an alert first issued in February warning financial institutions of Israeli extremists fomenting violence in the West Bank.
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A Bank of England report warned of private equity risk management deficiencies as interest rates remain stagnant, with international coordination important.
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