BofA Reaches Anti-Money-Laundering Consent Agreement With OCC

Bank of America Corp. entered into a consent order with regulators for failing to file suspicious-activity reports on time and to correct a deficiency in its due-diligence processes that would hamper anti-money-laundering efforts.

The Office of the Comptroller of the Currency ordered the bank to take corrective actions to enhance its anti—money-laundering and sanctions compliance programs, according to a statement Monday. They include the hiring of an independent consultant to assess the policies and conduct reviews to make sure all suspicious activity was appropriately reported.

The bank didn’t admit or deny the charges and there was no monetary penalty involved. ...