Wells Fargo falls after OCC issues enforcement action

Investing.com -- Wells Fargo fell in recent trading Thursday after the Office of the Comptroller of the Currency demanded the bank enhance financial crimes risk management practices and anti-money laundering internal controls before expanding some of its product offerings.

Wells Fargo & Company (NYSE:WFC ) fell 3% in recent trading.

The Office of the Comptroller of the Currency on Wednesday entered into a formal agreement with Wells Fargo Bank, N.A., requiring the bank to take "comprehensive corrective actions to enhance its Bank Secrecy Act/anti-money laundering and U.S. sanctions compliance programs." 

Under the agreement, the bank has 60 days to submit an action plan that includes clear guidelines relating several issues including the Bank Secrecy Act and anti-money laundering.

The bank is prohibited from expanding "into new products, services, or geographic markets with a medium or high BSA/AML or OFAC Sanctions inherent risk without receiving a prior written determination of no supervisory objection from the examiner-in-charge," according to the agreement.

Source: Investing.com