Newly freed from federal restrictions, Wells Fargo agrees to shore up crime risk detection

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Newly freed from federal restrictions, Wells Fargo agrees to shore up crime risk detection

Associated Press Finance09-13

Wells Fargo has agreed to work with U.S. bank regulators to shore up its financial crimes risk management, including internal controls related to suspicious activity and money laundering. Wells Fargo ...

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The committee is expected to submit a report to the board after every quarter outlining the “specific corrective actions” the bank has taken, the results of those actions and any additional actions it feels need to be taken to meet compliance.\nA series of newspaper and government investigations in 2016 found Wells to have a poisonous sales culture that pressured employees into selling unwanted or unneeded products to customers. Employees were forced to open millions of unauthorized accounts and some customers had their identities stolen and credit scores impacted. \nThe scandal tarnished the reputation of the San Francisco bank, which analysts and investors considered one of the nation's best. \nWells Fargo overhauled its board of directors and management, paid more than a billion dollars in fines and penalties and spent eight years trying to show the public that the bad practices were a thing of the past. \nShares of Wells Fargo are up more than 8% since regulators lifted the 8-year restrictions on the bank in February and rose to $52.47 Friday.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}