Bank of America in Charlotte, N.C., is in talks with several federal agencies over various aspects of its efforts to comply with the Bank Secrecy Act and anti-money laundering laws and regulations.
The $3.3 trillion-asset company disclosed in its quarterly filing with the Securities and Exchange Commission that its conversations with regulators have covered issues such as transaction monitoring, training, governance and customer due diligence. The company could enter into one or more public enforcement actions to address the issues.
Bank of America said that it had been enhancing its anti-money laundering and sanctions compliance programs, adding that it doesn’t the issues raised to have a “material adverse financial impact.”