Wachovia settles for $160m on Bank Secrecy Act compliance
CHARLOTTE, NC – Wachovia has announced a $160 million settlement with US regulators over compliance failings relating to its anti-money laundering (AML) responsibilities under the Bank Secrecy Act (BSA). The bank, a subsidiary of Wells Fargo since its forced sale to avoid failure in 2008, has agreed to implement remedial compliance measures and to forfeit $110 million, in addition to paying a $50 million civil penalty to the Treasury’s Office of the Comptroller of the Currency (OCC).
The AML
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