Bank of America Receives Cease and Desist Order Over Investing.com Anti-Money Laundering Failure

Investing.com — The Office of the Comptroller of the Currency (OCC), a U.S. banking regulator, announced Monday that it has issued a cease and desist order against Bank of America (NYSE: ) due to deficiencies in its anti-money laundering measures .

The regulator stated that the bank had neglected its duty to report suspicious activities on time, as well as to carry out due diligence on its customers, among other things. The OCC has prescribed additional measures for the bank to address these issues.

No financial penalty was included in the legislative measures against the bank.

In response to the order, Bank of America issued a statement indicating its ongoing efforts to improve its anti-money laundering and sanctions programs. The bank has been working closely with regulators over the past year and claims it is well prepared to comply with the requirements of the order.

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