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Author Topic: Wells Fargo Said to Face DOJ Probe of Wholesale-Banking Unit  (Read 814 times)

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Offline kevindavis007

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Wells Fargo Said to Face DOJ Probe of Wholesale-Banking Unit
« on: September 07, 2018, 09:09:16 am »

Wells Fargo & Co. is facing a Department of Justice investigation into whether employees in the company’s wholesale-banking business improperly altered customer data, a person familiar with the matter said.

The changes were made to meet a regulatory deadline, the Wall Street Journal reported earlier Thursday.

“This particular situation involved a new process and a new required document called Certification of Beneficial Owners that our team members have to complete to help ensure we know our customers,” said Alan Elias, a spokesman for the San Francisco-based bank. “We’ve recognized that in certain circumstances additional training and new procedures were needed and have now been applied.”

Read More: https://finance.yahoo.com/news/wells-fargo-facing-doj-fraud-145216245.html

What was the point of having a CPFB?  I thought it was setup to stop crap like this..
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