Wells Fargo says federal company ends anti-money laundering consent order


© Reuters. FILE PHOTO: A Wells Fargo brand is seen in New York Metropolis

(Reuters) – Wells Fargo & Firm (NYSE:) stated on Tuesday the Workplace of the Comptroller of the Forex (OCC) had terminated a 2015 consent order associated to an anti-money laundering compliance program after the financial institution took steps to treatment the issues.

The top of the consent order is a constructive signal for the financial institution, which has been making an attempt to restore its frayed relationship with regulators, notably the OCC, which has taken a tricky line on the fourth-largest lender in the US.

Wells Fargo remains to be engaged on a separate 2018 sweeping OCC consent order associated to the mis-selling of mortgage and auto-insurance merchandise, which imposes a variety of constraints on the financial institution’s enterprise.

The anti-money laundering consent order terminated on Tuesday required the financial institution to implement buyer due diligence requirements, which included the gathering of present helpful possession info for sure enterprise clients.

Wells Fargo stated on Tuesday it had undertaken important work to boost its financial institution secrecy act/anti-money laundering (BSA/AML) compliance program.

The top of the consent order supplies new Chief Govt Officer Charlie Scharf momentum going into the January earnings name, the place he plans to unveil his imaginative and prescient to reshape the scandal-plagued financial institution.

Scharf has repeatedly stated that the financial institution was not shifting effectively sufficient to resolve its regulatory woes.

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