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

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. The agreement, announced Thursday, comes just seven months after the Biden Administration lifted a consent order on the bank that had been in place since 2016 following a series of scandals, including the opening of fake accounts. The Office of the Comptroller of the Currency said it had identified “deficiencies relating to the bank’s financial crimes risk management practices and anti-money laundering internal controls in several areas.” Wells Fargo shares rose 2.4% in morning trading.