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OCC Takes Enforcement Action Against Wells Fargo Over AML Deficiencies
The Office of the Comptroller of the Currency (OCC) has come to a formal agreement with Wells Fargo Bank, having uncovered significant deficiencies in the bank’s anti-money laundering (AML) controls and financial crime risk management practices.
The enforcement action highlights issues in areas such as suspicious activity and currency transaction reporting, customer due diligence and the bank’s customer identification and beneficial ownership programs.
Wells Fargo, which is one of the US’ largest financial institutions, has committed to take corrective actions to enhance its compliance with the Bank Secrecy Act and AML and sanctions rules.
Cypriot Authorities Issue New Digital Onboarding Guidelines
The Cyprus Securities and Exchange Commission (CySEC) has released a new policy statement aimed at enhancing non-face-to-face (NFTF) customer onboarding using electronic methods.
Published on September 6, 2024, the policy targets entities such as crypto-asset service providers (CASPs) and aims to ensure compliance with anti-money laundering (AML) regulations under the Prevention and Suppression of Money Laundering Activities Law of 2007.
The policy outlines how firms should implement the suggestions from the earlier consultation paper (CP-02-2020), particularly regarding remote customer onboarding solutions (RCOS).
It mandates a comprehensive risk assessment before adopting specific technologies and provides guidelines to ensure that onboarding processes meet regulatory standards, while also aligning with the European Banking Authority’s guidelines.
Entities must notify CySEC before employing these methods, although prior authorisation to do so is not required.
