Bank of America receives cease and desist order for anti-money laundering deficiencies.

From Investing.com: 2024-12-23 11:41:24

The OCC issued a cease and desist order against Bank of America for anti-money laundering deficiencies. The bank failed to report suspicious activities on time and conduct proper customer due diligence. No financial penalty was imposed, but additional measures were prescribed by the regulator.

Bank of America responded by stating its commitment to improving anti-money laundering measures. The bank has been collaborating with regulators to enhance its programs and ensure compliance with the order. It asserts readiness to meet the requirements set forth by the OCC.



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