A situation where the employees of Wells Fargo were involved in modifying some official records of their customers was found out recently. It raised fresh alarms about the castellated bank’s system of checks and balances.
The inappropriate action happened in between 2017 and starting of 2018 and was brought to notice by the numerous Wells Fargo staff.
This alteration in the records took place in Wells Fargo’s business banking sector. This sector serves mainly to the middle sized business firms with a yearly sale figure ranging from $5 to $20 millions.
It was discovered in the probe carried out by the bank that the employees changed the data in the necessary forms requested by the laws of anti money laundering thereby breaking the system. A bank staff familiar with the situation informed that their intention was not to harm the clients or forge the figures.
The embattled bank has been trying hard and failing inconsiderably to make things right on a sequence of scams that have devastated them for the last two years and led to unparalleled penalties.
Bank shares went down by almost 2% as the news of this data modifying scandal was reported by The Wall Street newspaper.
Bank spokesperson agreed in an official statement given on Thursday that some workers did not adhere to the correct procedures in the filling up of necessary customer documents. The bank said that not a single client was adversely affected and all the information was safe within Wells Fargo. No services or commodity was sold in the market.
The bank has already communicated to the Currency Comptroller regarding the scandal and the bureau is enquiring into the matter, as informed by the spokesperson of Wells Fargo.
The comptroller of Currency has said that it cannot comment on the administrative matters of particular banks.
Before turning out to be a full-time writer and editor, James Tidwell was a blogger who wrote his outlooks and viewpoints relating to Entertainment and Sports. Owing to his interest and absolute fineness of playing with world beautifully, he was appointed to dabble in Entertainment and Sports world.