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Bank of America hit with US cease-and-desist order for Bank Secrecy Act deficiencies

( December 23, 2024, 22:16 GMT | Official Statement) -- MLex summary: The US Office of the Comptroller of the Currency issued a cease-and-desist order against Bank of America, the second largest US bank by assets, for deficiencies related to its Bank of Secrecy Act and sanctions compliance programs. The bank regulator acted based on violations and unsafe or unsound practices relating to these programs, including a failure to timely file suspicious activity reports and 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.Document follows:...

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