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Regulators Order Wells Fargo to Monitor Financial Crime

Regulators Order Wells Fargo to Monitor Financial Crime

by Starling Insights

Starling Insights Editorial Board

Nov 28, 2023

Observations

The Costs of Misconduct USA AML/CFT The Era of Accountability Culture & Consequences

As reported by the Wall Street Journal, regulators have sent Wells Fargo several letters ordering it to improve its ability to monitor financial crime. This comes as the bank is facing a lawsuit for allegedly allowing a $490 million Ponzi scheme to operate using its systems.

Regulators have reportedly chastised the bank several times since early 2022 for improper oversight of criminal activity in its consumer bank. Journalists Ben Eisen and Ben Foldy explain that, while the regulatory orders were focused on Wells Fargo's consumer monitoring systems more generally, rather than any single event, the Ponzi scheme case illustrates what can go wrong when a bank's systems are deficient.

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