Shares of Bank of America (BAC) fell over 1% on Monday after the Office of the Comptroller of the Currency (OCC) issued a cease-and-desist order against the lender for failing to timely file suspicious activity reports and correct a previously identified deficiency related to its customer due diligence processes.

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.

Bank of America (NYSE:BAC) received a cease-and-desist order from the Office of the Comptroller of the Currency for deficiencies tied to its Bank Secrecy Act and sanctions compliance programs, according to a statment released on Monday.

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.

The Office of the Comptroller of the Currency didn’t impose a fine in the settlement over sanctions compliance, suspicious activity monitoring and other alleged issues.

Bank of America avoided a monetary penalty in agreeing to settle charges with the Treasury Department's Office of the Comptroller of the Currency but was ordered to shore up previously disclosed deficiencies in its Bank Secrecy Act/anti-money laundering (BSA/AML) and sanctions compliance programs.