The Office of the Comptroller of the Currency (OCC) of the US Department of the Treasury has terminated a consent order pertaining to the American bank and financial services company Wells Fargo’s Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program. The OCC had issued the consent order in 2015.
OCC’s consent order required Wells Fargo to amend its customer due diligence (CDD) procedures. As per the OCC, CDD should include records of current beneficial ownership information for specific business customers. The bank took significant steps to address the deficiencies that the OCC had identified through its consent order. This helped improve its overall BSA/AML compliance framework.
Wells Fargo’s CEO has acknowledged that they need to be do more work to maintain compliance with all regulations. The bank is working towards these requirements.
Source: Wells Fargo Newsroom