Wells Fargo cannot expand into certain high risk areas without permission, regulator says

NEW YORK, Sept 12 (Reuters) – The Office of the Comptroller of the Currency (OCC) on Thursday said Wells Fargo Bank NA cannot expand into certain high risk areas without receiving permission after the regulator identified deficiencies in its financial crimes risk management.

The agreement between the OCC identified deficiencies relating to the bank’s financial crimes risk management practices and anti-money laundering controls , including when it came to reporting suspicious activity as well as customer due diligence, OCC said in a statement and order. (Reporting by Chris Prentice)

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