Treasury: Regulator did not act on Wells Fargo money-laundering controls

08/24/2006 | Reuters

The U.S. Office of the Comptroller of the Currency found numerous problems with the anti-money-laundering practices at Wells Fargo Bank from 1999 through 2004, according to a report from the Treasury Department's Inspector General. But the OCC failed to issue a cease and desist order as required by law, the IG's office said. Wells Fargo declined to comment on the report, but said it improved its Bank Secrecy Act compliance.

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