Investment Banking

Wells Fargo stock falls on fresh enforcement action by regulators

The OCC flagged the bank’s financial-crimes risk-management practices and anti-money-laundering internal controls

Wells Fargo has disclosed an enforcement action over its anti-money-laundering procedures.
Wells Fargo has disclosed an enforcement action over its anti-money-laundering procedures. Photo: Getty Images

Wells Fargo & Co.’s stock was falling on 12 September afternoon after the Office of the Comptroller of the Currency disclosed a fresh enforcement action against the bank.

The OCC released a 26-page agreement of procedural changes with Wells Fargo after it identified “deficiencies related to the bank’s financial-crimes risk-management practices and anti-money-laundering internal controls”.

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