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 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 U.S. Office of the Comptroller of the Currency has issued a cease and desist order against Bank of America due to deficiencies in its anti-money laundering practices. The bank has been criticized for not filing timely reports on suspicious activities.

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.