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BofA settles with OCC over AML, sanctions compliance concerns

Image is of the Bank of America name and logo printed on a waving flag.
Photo: Davis Turner/Getty Images

Julie DiMauro

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The consent order was based on alleged BSA/AML violations, unsafe practices concerning those programs, and a failure to timely report suspicious activity and rectify CDD shortcomings identified earlier.

Bank of America (BofA) agreed to a consent order with the Officer of the Comptroller of the Currency (OCC) to correct deficiencies within its anti-money laundering (AML) practices and sanctions compliance programs. The bank does not have to pay a fine, nor will an asset cap be imposed. 

Instead,

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