BofA Obtains Consent to Anti-Money Laundering Agreement with OCC

Bank of America Corp. entered into a consent order with regulators for failing to timely submit suspicious activity reports and to correct a deficiency in its due diligence processes that would hamper anti-money laundering efforts.

The Office of the Controller of the Currency ordered the bank to take corrective action to improve its anti-money laundering and sanctions compliance programs, according to a declaration Monday. They include hiring an independent consultant to assess the policies and conduct reviews to ensure that all suspicious activity was properly reported.