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 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.