Wells Fargo Pushed to Up Financial Crime Monitoring

U.S. regulators have taken bank and financial
services firm, Wells Fargo to task, demanding that the bank dramatically
improve its monitoring of financial crime. According to The
Wall Street Journal, U.S. regulators are focusing on the bank’s procedures
and tools, rather than on a specific event or client.

The bank refused to comment when approached by Reuters, so everything’s
a little cloak and dagger right now.

WSJ News Exclusive: Wells Fargo is struggling with its regulatory obligation to monitor financial crime, the latest challenge in the bank’s yearslong effort to recover from a series of scandals https://t.co/zPCgyaLcQT https://t.co/zPCgyaLcQT

— The Wall Street Journal (@WSJ) November 16, 2023

In 2016, a
scandal erupted around Wells Fargo’s sales practices and ever since the
bank has been working to rectify a series of issues in its compliance
Compliance

In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a

In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a
Read this Term
processes. However, these steps have come under criticism from insiders at
various points.