Wells Fargo Announces Termination of AML-Related Consent Order

Rhea-AI Summary

Wells Fargo & Company (NYSE: WFC) announced that the Office of the Comptroller of the Currency has terminated a 2015 consent order regarding its Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program. CEO Charlie Scharf stated this action reflects progress in remediating legacy issues, although further work is required. The consent order mandated improved customer due diligence standards, which Wells Fargo has worked to address. The company holds $1.92 trillion in assets and serves one in three U.S. households.

Positive

• Termination of 2015 consent order indicates progress in BSA/AML compliance efforts.
• Continued investment in risk and control infrastructure to address legacy issues.

Negative

• Significant work remains to fully address compliance and remediation issues.

Wells Fargo & Company (NYSE: WFC) today announced that the Office of the Comptroller of the Currency (OCC) has terminated a 2015 consent order related to the company’s Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program.

“Building the right risk and control infrastructure and remediating our legacy issues remain our top priority, and the termination of this consent order is evidence of our progress,” said CEO Charlie Scharf. “While we are pleased with this action, we have a significant amount of work ahead of us and are continuing to commit the necessary resources to this effort.”

The consent order required the bank to implement customer due diligence standards that include collection of current beneficial ownership information for certain business customers. Wells Fargo undertook significant work to remedy the deficiencies that gave rise to the consent order and to enhance its BSA/AML compliance program.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.92 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,200 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 31 countries and territories to support customers who conduct business in the global economy. Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 30 on Fortune’s 2020 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.

Additional information may be found at www.wellsfargo.com | Twitter: @WellsFargo.

News Release Category: WF-CF

View source version on businesswire.com: https://www.businesswire.com/news/home/20210105005962/en/

FAQ

What recent action did the OCC take regarding Wells Fargo (WFC)?

The OCC terminated a consent order from 2015 related to Wells Fargo's BSA/AML compliance program.

How did Wells Fargo (WFC) respond to the termination of the consent order?

CEO Charlie Scharf stated it reflects progress but acknowledged that significant work remains.

What did the consent order require from Wells Fargo (WFC)?

The consent order required Wells Fargo to implement enhanced customer due diligence standards.

What are the assets of Wells Fargo (WFC)?

Wells Fargo has approximately $1.92 trillion in assets.