Wells Fargo enters OCC formal agreement over AML/sanctions compliance failures

WELLS FARGO & COMPANY/MN

OCC cites deficiencies in AML internal controls and financial crimes risk management, along with violations of BSA/OFAC rules.
Agreement requires a written action plan within 120 days, overseen by a Compliance Committee with at least 3 members, majority independent.
Bank must enhance customer due diligence, CIP, beneficial ownership, suspicious activity monitoring, and OFAC sanctions screening systems.
Bank must develop an enterprise-wide BSA/AML/OFAC risk assessment methodology and a data integrity program for key compliance systems.
Quarterly progress reports to OCC required; Internal Audit must review action plan implementation within 120 days of OCC approval.

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