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 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.

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 (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.