Bank of America Settles With OCC Over Anti-Money Laundering Concerns

Bank of America, Corp. (BAC) received a cease-and-desist order on Monday from the Office of the Comptroller of the Currency (“OCC”), addressing the deficiencies under the Bank Secrecy Act (BSA) and sanctions compliance programs.Details of the Order Against BACThe BSA governs how financial firms must monitor transactions and be aware of their customers’ identities to prevent financial crimes. The act further requires that firms actively flag activities, such as wire transfers, if they seem suspicious or are ...