Wells Fargo Employees May Have Altered Business Documents without Following Protocol
Wells Fargo is facing scrutiny once again. This time, it is because some employees in the bank’s wholesale unit may have altered documents for corporate customers without following proper protocols.
The employees did not falsify any information in the documents. Rather, they may have collected information from older documents to find customers’ information such as social security numbers, addresses and dates of birth. Anti-money laundering laws and regulatory requirements prevent banks from obtaining information from older documents because the data may no longer be valid.
This occurred between 2017 and early 2018, and multiple employees notified management about the issue. A Wells Fargo spokesperson said this was purely an internal matter, and that “no customers were negatively impacted, no data left the company, and no products or services were sold as a result.”
Under normal circumstances, this would be a minor event with little to no merit. However, Wells Fargo has been trying to recover from a fake accounts scandal that cost over $1 billion in fines. The bank is in the process of revamping its risk management department in response to a sanction from the Federal Reserve. Having yet another hiccup in the books may derail the progress the bank has already made.