The Wells Fargo brand transitioned from top-notch to tarnished over the past decade after one of the United States’ leading banks became a case study in customer abuse. Under new leadership, the bank is diligently striving to meet the requirements placed on it by regulators and is experiencing renewed customer and shareholder trust; its fortunes may be reversing after a damaging period of highly publicised scandals and resulting disciplinary measures.
Office of the Comptroller of the Currency (OCC)
The mandate of financial institutions is to process financial transactions for individuals and businesses, but unfortunately, these institutions are sometimes used for illicit purposes, such as money laundering and terrorist financing. Effective, accurate risk assessment is the foundation of a financial firm’s risk management and regulatory compliance, and there are a number of manual and automated methods available to assess risks. Detecting and acting against suspicious activities is a must for banks today.