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OCC terminates Wells Fargo AML consent order

Source: Wells Fargo

Wells Fargo & Company (NYSE: WFC) today announced that the Office of the Comptroller of the Currency (OCC) has terminated a 2015 consent order related to the company’s Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program.

“Building the right risk and control infrastructure and remediating our legacy issues remain our top priority, and the termination of this consent order is evidence of our progress,” said CEO Charlie Scharf. “While we are pleased with this action, we have a significant amount of work ahead of us and are continuing to commit the necessary resources to this effort.”

The consent order required the bank to implement customer due diligence standards that include collection of current beneficial ownership information for certain business customers. Wells Fargo undertook significant work to remedy the deficiencies that gave rise to the consent order and to enhance its BSA/AML compliance program.

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