Wachovia Bank Agrees to Pay $160 Million to Settle Money Laundering Probe (WFC)
Wednesday, March 17, 2010 - 12:49
Written on Wed, 03/17/2010 - 12:49pm
By Chip Brian

3/17/2010-The Wachovia Bank unit of Wells Fargo & Co (NYSE:WFC) has agreed to pay $160 million as part of a deal to settle U.S. allegations of laundering Mexican drug money, Reuters reported Wednesday, citing a U.S. official familiar with the settlement.
The official declined to provide further details pending an official announcement.
The U.S. attorney's office in Miami began the probe about three years ago, focusing on the alleged role of a Wachovia unit in processing illegal money transfers for Mexican exchange houses that dot the U.S.-Mexican border.

Keywords: wachovia Bank wells fargo settlement laundering probe mexico

Ticker(s): WFC

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