Bank of America Ordered to Cease Operations Due to Anti-Money Laundering Deficiencies

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

The regulatory body noted that the bank failed to timely report suspicious activities and did not exercise necessary diligence towards its customers, among other issues. The OCC has mandated additional measures for the bank to address these problems.

There were no financial penalties included in the regulatory action against the bank. In response, Bank of America released a statement outlining its ongoing efforts to enhance anti-money laundering and sanctions programs. The bank expressed that it has been working closely with regulators over the past year and is prepared to meet the requirements of the order.