OCC orders Wells Fargo to overhaul compliance strategies and illicit fund detection

The OCC found the bank’s safeguards against money laundering and sanctions violations were lax and imposed detailed compliance program remedies.

The Office of the Comptroller of the Currency (OCC) said it has issued an enforcement action against Wells Fargo over flaws related to its anti-money-laundering (AML) internal controls and the bank’s financial crimes risk management practices.

The agency said it found deficiencies in several areas of the San Francisco-based lender’s

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