Reported by Connor Hart

Wells Fargo has agreed to enhance its anti-money-laundering and sanctions-risk-management practices after the Office of the Comptroller of the Currency identified deficiencies with the bank’s current programs.

The OCC on Thursday entered an agreement with Wells Fargo, under which the bank must obtain the regulator’s approval of its program for assessing anti-money laundering and sanctions risks of new offerings, as well as provide notice before expanding its offerings.

The bank’s board must also maintain a three-person compliance committee, the majority of whom wouldn’t be employees or officers of the company, to ensure compliance with the agreement.

Wells Fargo’s shortfalls included its suspicious-activity and currency-transaction reporting, due diligence of customers, and customer-identification and beneficial-ownership programs, the OCC said.

Read full report: https://www.wsj.com/finance/banking/regulator-orders-wells-fargo-to-fix-financial-crime-controls-33313ca5