Bank of America Faces Regulatory Scrutiny Over Money Laundering Lapses

The U.S. Office of the Comptroller of the Currency has issued a cease and desist order against Bank of America due to deficiencies in its anti-money laundering practices. The bank has been criticized for not filing timely reports on suspicious activities. It is now working to address these issues.

The U.S. Office of the Comptroller of the Currency has issued a cease and desist order against Bank of America. The bank has come under scrutiny for shortcomings in its ability to address money laundering issues, according to the regulator's announcement on Monday.

The Comptroller's office cited the bank's failure to submit timely reports on suspicious activities and inadequate customer due diligence as major concerns. Although no monetary fine was imposed, the regulator has outlined additional corrective actions for the bank to undertake.

In response, Bank of America stated that it has been collaborating closely with regulators over the past year to enhance its anti-money laundering and sanctions programs, claiming it is well-positioned to meet the order's requirements.

(With inputs from agencies.)