The Workplace of the Comptroller of the Forex has issued a cease-and-desist order in opposition to Financial institution of America (BAC) for deficiencies associated to its Financial institution Secrecy Act and sanctions compliance packages. The OCC says it took this motion primarily based on violations and unsafe or unsound practices relating to those packages, together with a failure to well timed file suspicious exercise stories and failure to right a beforehand recognized deficiency associated to its Buyer Due Diligence processes. The order additionally identifies deficiencies within the inside controls, governance, impartial testing, and coaching parts of the financial institution’s BSA compliance program. The order requires the financial institution to take complete corrective actions to reinforce its BSA/anti-money laundering and sanctions compliance packages, together with the hiring of an impartial marketing consultant to evaluate the financial institution’s BSA/AML and sanctions compliance packages and conduct look-back critiques to make sure all suspicious exercise was appropriately reported.
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