Bank of America says it has completed a lot of work on consent order

Bank says 1,000 employees are reassigned to fix issues and create efficiencies Consent order requires independent review of past transactions and reporting missed suspicious activity to FinCEN Borthwick says order imposes no asset cap or curbs on other business activity By Saeed Azhar, Arasu Kannagi Basil and Pete Schroeder NEW YORK, Oct 14 (Reuters) — Bank of America has reshuffled staff to address issues brought up by regulators after fining the bank $1.21 billion over anti-money laundering compliance failures, the bank said on Wednesday, stressing that significant work has been done to fix the problems. The bank was fined by the Treasury Department and the Office of the Comptroller of the Currency for widespread failures to detect potential money laundering and other illicit activity, in an action announced on Tuesday. It was also penalized with a consent order, a form of regulatory punishment, that requires Bank of America to hire an independent third party to review past transactions, identify suspicious activity that the bank failed to detect at the time, and report those transactions to FinCEN. "We've completed a lot of the work required in that consent order, and we've made