The regulator stated that the bank had been falling short in its duty to report suspicious activities on time, as well as performing due diligence on its customers, among other issues. The OCC has prescribed additional measures for the bank to address these problems.
No financial penalty was included in the regulatory action taken against the bank.
In response to the order, Bank of America issued a statement indicating its ongoing efforts to enhance its anti-money laundering and sanctions programs. The bank has been working closely with regulators over the past year and asserts that it is well-prepared to comply with the requirements of the order.
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