The US Office of the Comptroller of the Currency (OCC) has issued a cease and desist order against Bank of America, citing deficiencies in its anti-money laundering measures. The regulator found that the bank had failed to report suspicious activities on time and performed inadequate due diligence on customers.
To address these issues, the OCC has prescribed additional measures for Bank of America. Notably, no financial penalty was imposed in the regulatory action taken against the bank.
In response to the order, Bank of America stated that it is committed to enhancing its anti-money laundering and sanctions programs. The bank has been working closely with regulators over the past year and asserts that it is well-prepared to comply with the requirements of the order.
Source: https://www.investing.com/news/stock-market-news/bank-of-america-receive-cease-and-desist-order-over-antimoney-laundering-flaws-93CH-3787336