Wells Fargo stock slides after OCC issues enforcement action
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Wells Fargo (NYSE:WFC) stock retreated 3.5% in Thursday midafternoon trading after the Office of the Comptroller of the Currency issued an enforcement action against the bank due to deficiencies tied to its financial crimes risk management practices and anti-money laundering internal controls.
The OCC entered into a formal agreement with Wells Fargo (WFC), which requires the lender to take comprehensive corrective actions to enhance its Bank Secrecy Act/anti-money laundering and U.S. sanctions compliance programs, the regulator said in a statement.
“We have been working to address a substantial portion of what’s required in the formal agreement, and we are committed to completing the work with the same sense of urgency as our other regulatory commitments,” San Francisco, California-based Wells Fargo (WFC) said in a statement.