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OCC Reportedly Investigating Wachovia Compliance Staff Tied to the Bank’s Record AML Penalty
By Brian Monroe
printThe U.S. Treasury Department is reportedly investigating the role of Wachovia Bank compliance staff in the financial institution's failure to sufficiently scrutinize more than $420 billion in transactions tied to Mexican currency exchange companies. The bank, which was bought by Wells Fargo & Co. in December 2008, agreed in March to pay $160 million as part of a deferred prosecution agreement with the U.S. Justice Department and an enforcement action by the Office of the Comptroller of the Currency (OCC). The fine is the largest monetary penalty to date for anti-money laundering (AML) problems. The OCC has since launched a...
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