Episode Details

The Office of the Comptroller of the Currency (OCC) issued a cease-and-desist order to Bank of America for deficiencies in its Bank Secrecy Act (BSA) and anti-money laundering (AML) compliance programs. The order mandates corrective actions, including hiring an independent consultant to review the bank's programs and investigate past suspicious activity reports. This follows a trend of increased regulatory scrutiny of BSA/AML compliance, exemplified by a substantial penalty levied against TD Bank for similar failures. Bank of America will implement remedial measures but faces no financial penalty. The bank had previously disclosed its discussions with regulators regarding these compliance issues. The OCC's action underscores the heightened focus on preventing financial crimes.