Trump to launch digital asset project as crypto ties deepen

Regulators have identified deficiencies in Wells Fargo’s anti-money laundering and financial crime risk management practices, the latest compliance issue for the US bank.

The Office of the Comptroller of the Currency, one of the main US banking regulators, said on Thursday that Wells, the country’s fourth-largest lender by assets, had agreed to take remedial action.

“We have worked to address a substantial portion of what is required in the formal agreement and are committed to completing the work with the same sense of urgency as our other regulatory commitments,” Wells said in a statement.

Shares of the bank, which remains below the 2018 asset cap for previous regulatory issues, fell about 3 percent after the announcement.