Wells Fargo in trouble with regulators again

Wells Fargo & Co. finds itself once again in the regulatory crosshairs, with the Office of the Comptroller of the Currency saying it has reached a formal agreement with the bank over “deficiencies” in its practices to fight money laundering.

Specifically, the OCC took aim at the San Francisco bank’s anti-money laundering and sanctions risk management practices.

The OCC’s enforcement action against Wells Fargo Bank, announced Sept. 12, does not include a monetary penalty. But the agreement does not allow the bank to expand into high-risk areas without permission from the regulator.

Read the full story on CBJ’s website here.

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