Wachovia Bank, a part of Wells Fargo & Co., has agreed to pay $160 million as part of a settlement with the U.S. government over allegations that a failure in bank controls enabled Mexican exchange houses to launder drug money, according to a Reuters report.

Reuters cited an unidentified U.S. official said to be familiar with the settlement.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.