US regulators push Wells Fargo to improve financial crime monitoring - WSJ
Reuters
Published Nov 16, 2023 11:56AM ET
(Reuters) - U.S. regulators are pushing Wells Fargo to improve its monitoring system to detect criminal activity at the bank, the Wall Street Journal reported on Thursday, citing people with knowledge of the matter.
Regulators were focused on the bank's consumer-watching systems broadly, not any specific client or event, the report said.
Wells Fargo declined to respond to Reuters request for comment.
The lender has been working to fix its compliance, and repair the damage from a scandal over its sales practices that erupted in 2016. Its efforts, however, have at times come under renewed criticism following probes into unrelated matters.
Despite its efforts to repair the flaws identified by regulators, a public penalty has not been ruled out for the bank, the WSJ report said.
Wells Fargo is also facing a lawsuit claiming it allowed Matthew Beasley, a Las Vegas attorney, to operate an alleged Ponzi scheme.
The bank denied in court filings that "it had actual knowledge of, or provided assistance to, any alleged wrongdoing by Beasley," according to the report.
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Written By: Reuters
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