OCC orders Bank of America to shore up BSA/AML, sanctions compliance programs
By 
Jeff Dale2024-12-23T19:08:00
Bank of America (BofA) avoided a monetary penalty in agreeing to settle charges with the Treasury Department’s Office of the Comptroller of the Currency (OCC) but was ordered to shore up previously disclosed deficiencies in its Bank Secrecy Act/anti-money laundering (BSA/AML) and sanctions compliance programs.
The OCC said in a press release Monday that the deficiencies in BSA/AML and sanctions compliance specifically related to failures to timely file suspicious activity reports (SARs) and correct deficiencies in its customer due diligence (CDD) process.
The bank will be required to appoint a compliance committee and hire an independent consultant and BSA officer, according to its consent order.
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