Violations and unsafe or unsound practices at one of the nation’s largest banks relating to anti-money laundering (AML) rules and sanctions compliance programs has prompted a cease-and-desist order by the regulator of national banks, made public Monday.
The Office of the Comptroller of the Currency (OCC) said Bank of America (BofA), N.A., of Charlotte, N.C., agreed with the consent order for shortcomings related to its Bank Secrecy Act (BSA) and sanctions compliance programs.
According to the OCC, the deficiencies included a “failure to timely file suspicious activity reports and failure to correct a previously identified deficiency related to its Customer Due Diligence processes.”
OCC said its order also identifies deficiencies in the internal controls, governance, independent testing, and training components of BofA’s BSA compliance program.
Under the order, the bank is required to take “comprehensive corrective actions” to enhance its BSA/AML and sanctions compliance programs. OCC said that includes hiring an independent consultant to assess the BofA’s BSA/AML and sanctions compliance programs and conduct “lookback reviews” to ensure all suspicious activity was appropriately reported
OCC Issues Cease and Desist Order Against Bank of America for BSA Deficiencies
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