The Wall Street Journal reported that in addition to the $1 billion settlement that Wells Fargo is required to make in connection with its consumer-related businesses, the bank has failed to satisfy a deadline set by the Office of the Comptroller of the Currency related to anti-money-laundering controls.
According to the Journal, Wells Fargo’s wholesale business has been having problems for months satisfying a November 2015 consent order from the OCC relating to processes involving proper identification of new and existing corporate customers.
