OCC orders Wells Fargo to address AML deficiencies in enforcement action

The Office of the Comptroller of the Currency cited significant deficiencies in Wells Fargo's anti-money laundering controls and overall financial crimes risk management in a formal agreement with the nation’s third-largest bank, which holds more than $1.7 trillion in total assets. The OCC outlined a series of corrective actions the bank must take to address various shortcomings in its adherence to federal requirements meant to safeguard the financial system against criminal activity.