OCCConsent Orderhigh
Bank of America
Charlotte, North Carolina
S. regulatory enforcement action over deficiencies in its anti-money laundering programme. The disclosure came in the bank's latest quarterly filing with the SEC.
Bank of America said it is "continuing to discuss a resolution" with the Office of the Comptroller of the Currency regarding a consent order issued in December 2024. The original consent order targeted AML compliance shortcomings. Specific fine amounts and detailed resolution terms were not disclosed in the filing.
S. banks.
Implications
- Heightened OCC scrutiny on AML compliance may intensify expectations for all banks, including BaaS sponsor banks, to maintain robust transaction monitoring programs.
- Banks facing consent order obligations may face constraints on onboarding new fintech partners until remediation is complete.
Source
- NewsAML Intelligence
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