According to a San Francisco Chronicle report, the US Office of the Comptroller of the Currency has criticised Wells Fargo for failing to put in place adequate money laundering prevention measures.
The newspaper reported on Thursday that an OCC internal memo, the contents of which were first leaked to American Banker magazine earlier this year, stated that the banking giant "has significant weaknesses in its system of internal controls" and "lacks an adequate assessment of the compliance risks throughout the bank".
Although Wells Fargo was criticised in the memo for failing to report some large cash transactions, the OCC reportedly went on to observe that the problems were procedural in nature, and that there was no evidence to suggest that the bank had been used to launder money or finance terrorist activity.
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