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

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.