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US regulators have identified lapses in Wells Fargo’s anti-money laundering and financial crimes risk management practices, the latest compliance issue for the US bank.
The Office of the Comptroller of the Currency, one of the main US banking regulators, said on Thursday that Wells, the fourth-largest US lender by assets, had agreed to take remedial steps.
“We have been working to address a substantial portion of what’s required in the formal agreement, and we are committed to completing the work with the same sense of urgency as our other regulatory commitments,” Wells, said in a statement.
Shres in the bank, which remains under a 2018 asset cap for past regulatory issues, was down about 3 per cent following the announcement.