Regulator Found Too Lax On Wells Fargo

Law360, New York (August 24, 2006, 12:00 AM EDT) -- A move by the Office of the Comptroller of the Currency to drop a formal sanction against Wells Fargo & Co. for weak money-laundering controls was ruled improper by the U.S. Treasury Department’s inspector general on Wednesday.

A Treasury Department report stated that the OCC, an independent division of the department which is considered the nation’s top regulator for national banks, was not strict enough in overseeing banks, especially given concerns of money laundering to aid terrorism.

OCC examiners found weaknesses in Wells Fargo’s defenses against...
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