United States Primary Banking Authority OCC Issues Order Against Bank of America for Deficiencies on Bank Secrecy Act & Sanctions Compliance Program, with Failure to File Timely Suspicious Activity Reports, Correct Identified Deficiency in Customer Due Diligence Processes and Deficiencies in Internal Controls, Governance, Independent Testing & Training Components
25th December 2024 | Hong Kong
The United States primary banking authority (Office of the Comptroller of the Currency, OCC) has issued a cease-and-desist order (order) against Bank of America for deficiencies on Bank Secrecy Act (BSA) & sanctions compliance program, with failure to file timely suspicious activity reports, correct identified deficiency in customer due diligence processes and deficiencies in internal controls, governance, independent testing & training components. OCC (23/12/24): “The Office of the Comptroller of the Currency (OCC) today issued a cease-and-desist order (order) against Bank of America, N.A. (bank) for deficiencies related to its Bank Secrecy Act (BSA) and sanctions compliance programs. The OCC took this action based on violations and unsafe or unsound practices relating to these programs, including a failure to timely file suspicious activity reports and failure to correct a previously identified deficiency related to its Customer Due Diligence processes. The order also identifies deficiencies in the internal controls, governance, independent testing, and training components of the bank’s BSA compliance program. The order requires the bank to take comprehensive corrective actions to enhance its BSA/anti—money laundering (AML) and sanctions compliance programs, including the hiring of an independent consultant to assess the bank’s BSA/AML and sanctions compliance programs and conduct lookback reviews to ensure all suspicious activity was appropriately reported.”
“ United States Primary Banking Authority OCC Issues Order Against Bank of America for Deficiencies on Bank Secrecy Act & Sanctions Compliance Program, with Failure to File Timely Suspicious Activity Reports, Correct Identified Deficiency in Customer Due Diligence Processes and Deficiencies in Internal Controls, Governance, Independent Testing & Training Components “
United States Primary Banking Authority OCC Issues Order Against Bank of America for Deficiencies on Bank Secrecy Act & Sanctions Compliance Program, with Failure to File Timely Suspicious Activity Reports, Correct Identified Deficiency in Customer Due Diligence Processes and Deficiencies in Internal Controls, Governance, Independent Testing & Training Components
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