BY PAUL O’DONOGHUE, Senior Correspondent
THE U.S. Office of the Comptroller of the Currency (OCC) has issued a cease-and-desist order against Bank of America for deficiencies in its AML measures.
The OCC highlighted failures in filing timely reports on suspicious activities and inadequate customer due diligence as key issues. It also noted the bank’s “unsafe or unsound practices” related to compliance with the Bank Secrecy Act (BSA) and sanctions regulations.
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