Regulators push Wells Fargo to improve financial crime monitoring

(Reuters) — U.S. regulators are pushing Wells Fargo to improve its monitoring system to detect criminal activity at the bank, the Wall Street Journal reported Thursday, citing people with knowledge of the matter.

Regulators were focused on the bank’s consumer-watching systems broadly, not any specific client or event, the report said.

Wells Fargo declined to respond to Reuters’ request for comment.

The lender has been working to fix its compliance and repair the damage from a scandal over its sales practices that erupted in 2016. Its efforts, however, have at times come under renewed criticism following probes into unrelated matters.

Despite its efforts to repair the flaws identified by regulators, a public penalty has not been ruled out for the bank, the WSJ report said.