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Judge Grants IRS Broad Review of Wells Fargo AML Program in Tax Evasion Probe
By Colby Adams and Brian Monroe
printFor the second time this year, a U.S. judge has granted federal investigators broad authority to review a global bank's anti-money laundering records as part of an offshore tax evasion probe. Under the John Doe summons issued Monday by a federal court in San Francisco, the Internal Revenue Service (IRS) can seek information about American citizens who may be hiding undeclared income in offshore accounts at Barbados-based CIBC First Caribbean International Bank (FCIB), including any related customer and transactional data kept by its U.S. correspondent bank, Wells Fargo, N.A. The subpoenas issued to Wells Fargo Monday and UBS in January,...
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