OCC initiates cease and desist proceedings against Bank of America over BSA

The Office of the Comptroller of the Currency said it intends to initiate cease and desist proceedings against Bank of America (BAC) “pursuant to 12 U.S.C. Section 1818(b), through the issuance of a Notice of Charges, for the Bank’s engagement in certain unsafe or unsound practices related to the Bank’s compliance with the Bank Secrecy Act, and the regulations promulgated thereunder and Sanctions compliance, violations of 12 C.F.R., and failure to correct a previously reported BSA compliance problem.” The OCC says the Bank has begun taking corrective actions and has committed to taking all necessary and appropriate steps to remedy the deficiencies identified in this Order. Within thirty days of the date of this Order, the Board shall appoint a Compliance Committee of at least three members of which a majority shall be directors who are not employees or officers of the Bank or any of its subsidiaries or affiliates. Within ninety days of the date of this Order, the Bank shall submit to the Examiner-in-Charge for review and prior written determination of no supervisory objection an acceptable written plan detailing the remedial actions necessary to achieve and sustain compliance with the BSA and all relevant sanctions laws, rules, and regulations, including the rules and regulations of the Office of Foreign Assets Control and relevant Executive Orders.