© Reuters. FILE PHOTO: A Wells Fargo logo is seen in New York City
(Reuters) – Wells Fargo & Company (NYSE:WFC) said on Tuesday the Office of the Comptroller of the Currency (OCC) had terminated a 2015 consent order related to an anti-money laundering compliance program after the bank took steps to remedy the problems.
The end of the consent order is a positive sign for the bank, which has been trying to repair its frayed relationship with regulators, particularly the OCC, which has taken a tough line on the fourth-largest lender in the United States.
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 a number of constraints on the bank's business.
The anti-money laundering consent order terminated on Tuesday required the bank to implement customer due diligence standards, which included the collection of current beneficial ownership information for certain business customers.
Wells Fargo said on Tuesday it had undertaken significant work to enhance its bank secrecy act/anti-money laundering (BSA/AML) compliance program.
The end of the consent order provides new Chief Executive Officer Charlie Scharf momentum going into the January earnings call, where he plans to unveil his vision to reshape the scandal-plagued bank.
Scharf has repeatedly said that the bank was not moving efficiently enough to resolve its regulatory woes.Leave a comment