Investing.com — The Workplace of the Comptroller of the Foreign money (OCC), a U.S. banking regulator, introduced Monday that it has issued a cease-and-desist order in opposition to Financial institution of America attributable to deficiencies in its anti-money laundering measures.
The regulator mentioned the financial institution failed to fulfill its obligation to report suspicious actions in a well timed method and train due diligence on its clients, amongst different points. The OCC has prescribed extra measures for the financial institution to deal with these points.
No monetary sanctions had been included within the regulatory measures taken in opposition to the financial institution.
In response to this order, Financial institution of America issued an announcement indicating its continued efforts to strengthen its anti-money laundering and sanctions applications. The financial institution has labored carefully with regulators over the previous 12 months and says it’s properly ready to adjust to the order’s necessities.
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