State Street disclosed in a filing with the Securities and Exchange Commission this week that it expects to become the subject of an enforcement action brought by the Federal Reserve and the Massachusetts Division of Banks for deficiencies in the bank’s compliance program relating to the Bank Secrecy Act, anti-money laundering regulations, and U.S. economic sanctions.

The bank said in a Form 8-K, dated May 14, that it expects it will be required under a written agreement “to implement improvements to its compliance programs and to retain an independent firm to conduct a transaction review of account and transaction data covering a prior three-month period for identification and reporting of suspicious activity in accordance with applicable regulatory requirements.”

“If deficiencies in our historical reporting are identified as a result of the transaction review, or if we fail to comply with the terms of the written agreement,” the Form 8-K stated, “we may become subject to fines and other regulatory sanctions, which may have a material adverse effect on us.”