Wells Fargo is operating under a formal agreement with the Office of the Comptroller of the Currency that requires the San Francisco company to enhance its anti-money laundering and sanctions risk management practices.
The $1.9 trillion-asset Wells disclosed that it will also need to obtain OCC acceptance of its program. The company must give the OCC notice before expanding certain related offerings.
Wells has about two months to submit a plan to assess any money laundering and sanctions risks tied to new products and services.
Wells has been “working to address a substantial portion of what’s required in the formal agreement,” the company said in a press release. “We are committed to completing the work with the same sense of urgency as our other regulatory commitments.”