Wells Fargo discloses AML, sanctions programs under investigation

Wells Fargo NY

Wells Fargo disclosed in a public filing its anti-money laundering (AML) and sanctions programs are under investigation, adding to the already long list of compliance issues plaguing the bank.

In a quarterly report filed with the Securities and Exchange Commission (SEC) Thursday, the bank said, “Government authorities have been conducting inquiries or investigations regarding issues related to the company’s [AML] and sanctions programs.” The bank offered no further details about which agencies are conducting the investigations, or what the issues are.

In the same report, Wells Fargo said it’s in “resolution discussions” with the SEC regarding an investigation into the cash sweep options it provides to new investment advisory clients. The company revealed the probe in an SEC filing in November. Wells Fargo added in its most recent disclosure that, “There can be no assurance as to the outcome of these discussions.”

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