Therefore, it is no wonder that Wachovia recently admitted its part handling $378.4 billion in illicit narcotics funds in violation of the Bank Secrecy Act in the mid 2000s.
This was no isolated incident. Wachovia, it turns out, had made a habit of helping move money for Mexican drug smugglers. Wells Fargo & Co., which bought Wachovia in 2008, has admitted in court that its unit failed to monitor and report suspected money laundering by narcotics traffickers...
Wachovia admitted it didn’t do enough to spot illicit funds in handling $378.4 billion for Mexican-currency-exchange houses from 2004 to 2007.