---
schema_version: "secwatch.filing_event.v1"
accession: "0000072971-24-000206"
form_type: "8-K"
ticker: "WFC"
cik: "0000072971"
company_name: "WELLS FARGO & COMPANY/MN"
filed_at: "2024-09-12T23:59:59+00:00"
generated_at: "2026-05-31T05:21:20.346725+00:00"
event_type: "regulatory"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000072971-24-000206
- form_type: 8-K
- ticker: WFC
- cik: 0000072971
- company_name: WELLS FARGO & COMPANY/MN
- filed_at: 2024-09-12T23:59:59+00:00
- event_type: regulatory
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/72971/000007297124000206/0000072971-24-000206-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/72971/000007297124000206/wfc-20240912.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000072971-24-000206
- JSON: https://secwatch.observer/filing/0000072971-24-000206.json
- Plain text: https://secwatch.observer/filing/0000072971-24-000206.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.