BAC receives a cease-and-desist order from the OCC considering the shortcomings under the Bank Secrecy Act. The bank agrees to take requisite remedial measures.

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.

Bank of America must overhaul anti-money-laundering protocols and hire third-party consultants, but will not face growth limits, following OCC action for compliance deficiencies.