BAC receives a cease-and-desist order from the OCC considering the shortcomings under the Bank Secrecy Act. The bank agrees to take requisite remedial measures.

The Office of the Comptroller of the Currency didn’t impose a fine in the settlement over sanctions compliance, suspicious activity monitoring and other alleged issues.

Bank of America (BAC) agreed to a consent order with the Officer of the Comptroller of the Currency Monday to correct deficiencies within its anti-money laundering practices.

The U.S. Office of the Comptroller of the Currency has issued a cease and desist order against Bank of America due to deficiencies in its anti-money laundering practices. The bank has been criticized for not filing timely reports on suspicious activities.

Bank of America must overhaul anti-money-laundering protocols and hire third-party consultants, but will not face growth limits, following OCC action for compliance deficiencies.

Bank of America Corp. entered into a consent order with regulators for failing to file suspicious-activity reports on time and to correct a deficiency in its due-diligence processes that would hamper anti-money-laundering efforts.

Bank of America avoided a monetary penalty in agreeing to settle charges with the Treasury Department's Office of the Comptroller of the Currency but was ordered to shore up previously disclosed deficiencies in its Bank Secrecy Act/anti-money laundering (BSA/AML) and sanctions compliance programs.

Shares of Bank of America (BAC) fell over 1% on Monday after the Office of the Comptroller of the Currency (OCC) issued a cease-and-desist order against the lender for failing to timely file suspicious activity reports and correct a previously identified deficiency related to its customer due diligence processes.