Date: August 01, 2024
Source: https://www.reuters.com
Wells Fargo has disclosed that it is facing an investigation by government authorities into its anti-money laundering (AML) and sanctions programs. The bank made the announcement in a regulatory filing on Thursday.
While Wells Fargo did not specify the government agency involved or the specific nature of the investigation, the news adds to a growing list of challenges for the financial institution.
Separately, the bank revealed it is currently in discussions with the U.S. Securities and Exchange Commission (SEC) to resolve an ongoing inquiry into its cash sweep options offered to investment advisory clients.
These developments come as Wells Fargo continues to navigate a complex regulatory landscape and work to rebuild its reputation following a series of scandals in recent years.
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