02:01 PM EST, 12/23/2024 (MT Newswires) -- (Updates with Bank of America's ( BAC ) response in the fourth paragraph.)

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.

"We have been working closely with the Office of the Comptroller of the Currency over the past year to make improvements to our anti-money laundering and sanctions programs," a Bank of America ( BAC ) spokesperson told MT Newswires. "The work we've done so far positions us well to implement the requirements of the consent order."

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

Price: 43.63, Change: -0.54, Percent Change: -1.23