Wells Fargo Reaches Formal Agreement With OCC To Enhance Anti-Money Laundering And Sanctions Risk Management Practices, Including OCC Approval Of Risk Assessment Program For New Offerings And Notice Requirements Before Expansion
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Wells Fargo has reached a formal agreement with the Office of the Comptroller of the Currency (OCC) to improve its anti-money laundering and sanctions risk management practices. This includes obtaining OCC approval for a risk assessment program for new offerings and fulfilling notice requirements before expansion.
September 12, 2024 | 6:09 pm
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Wells Fargo has entered into a formal agreement with the OCC to enhance its anti-money laundering and sanctions risk management practices. This agreement includes obtaining OCC approval for a risk assessment program for new offerings and fulfilling notice requirements before expansion.
The agreement with the OCC is a significant regulatory step for Wells Fargo, indicating progress in addressing compliance issues. This could improve investor confidence and potentially have a positive impact on the stock price in the short term.
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