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Federal agency ends anti-money laundering consent order for Wells Fargo

Wednesday 6 January 2021 14:30 CET | News

The Comptroller of the Currency (OCC) had terminated a 2015 consent order related to an anti-money laundering compliance program after Wells Fargo took steps to remedy the problems.

According to Reuters, the end of the consent order is a positive sign for the bank, which has been trying to repair its frayed relationship with regulators.

The anti-money laundering consent order terminated on 5 January 2021 required the bank to implement customer due diligence standards, which included the collection of current beneficial ownership information for certain business customers.

Wells Fargo is still working on a separate 2018 sweeping OCC consent order related to the mis-selling of mortgage and auto-insurance products, which imposes several constraints on the bank’s business.


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Keywords: customer due diligence, money laundering, CDD, banking, fraud prevention, OCC, US, Wells Fargo
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: United States
This article is part of category

Securing Transactions