The Office of the Comptroller of the Currency (OCC) has issued a cease-and-desist order against Bank of America, N.A., citing significant deficiencies in the bank’s Bank Secrecy Act (BSA) and sanctions compliance programs. The enforcement action highlights violations and unsafe practices, including delays in filing suspicious activity reports and unresolved issues in the bank’s Customer Due Diligence processes.

The order also details critical shortcomings in several key areas of Bank of America’s compliance framework. These include weaknesses in internal controls, governance, independent testing, and staff training, all of which are essential components of an effective BSA compliance program. The identified failures suggest broader governance and oversight issues within the bank’s anti-money laundering (AML) efforts.

To address these deficiencies, the OCC mandates comprehensive corrective measures. The bank must engage an independent consultant to evaluate its BSA/AML and sanctions compliance programs. Additionally, the consultant will conduct lookback reviews to ensure previously unreported suspicious activities are appropriately identified and addressed. The order emphasizes the need for a strengthened compliance structure to mitigate future risks and uphold regulatory standards.