The Workplace of the Comptroller of the Forex has issued a stop and desist order towards Financial institution of America (BAC) for breaches associated to its banking secrecy legislation and its sanctions compliance packages. The OCC claims it took this motion based mostly on violations and unsafe or unhealthy practices associated to those packages, together with the failure to well timed file suspicious exercise studies and the failure to appropriate a beforehand recognized deficiency associated to its buyer due diligence processes. The order additionally identifies deficiencies within the inner management, 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 enhance its BSA/anti-money laundering and sanctions compliance packages, together with hiring an impartial marketing consultant to guage the BSA/anti-money laundering and sanctions compliance packages. AML and financial institution sanctions and conduct retrospective opinions to make sure any suspicious exercise has been reported appropriately.
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