12:11 PM EST, 12/23/2024 (MT Newswires) -- Bank of America ( BAC ) has been issued a cease-and-desist order by the Office of the Comptroller of the Currency for violations of its Bank Secrecy Act and sanctions compliance programs, the regulator said Monday.

The order cited failures in timely filing suspicious activity reports and addressing prior deficiencies in Customer Due Diligence processes. The OCC also pointed to weaknesses in "internal controls, governance, independent testing", and employee training, according to the order.

The order requires the bank to implement corrective measures, including hiring an independent consultant for program assessments and lookback reviews.

Bank of America ( BAC ) did not immediately respond to MT Newswires' request for comment.

Shares of Bank of America ( BAC ) fell 1.2% in recent trading.

Price: 43.62, Change: -0.55, Percent Change: -1.24