Wells Fargo 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.
Bloomberg News reports that 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.”
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