State Street Corp. and its subsidiary bank were hit with an enforcement action from the Federal Reserve Board and the state banking division over what the agencies called deficiencies in the company’s compliance with the Bank Secrecy Act (BSA) and anti-money laundering (AML) regulations.

The company entered into a written agreement with the agencies, under which State Street is to submit a written plan to improve its compliance risk management program with respect to BSA and AML.

The agreement also stipulates that State Street is to submit a written, revised plan to install, test and activate an automated transaction monitoring system and that the firm engage a third party to review account and transaction activity between April 1, 2013, and June 30, 2013, to determine whether the bank properly identified and reported suspicious activity during that time period.

The Fed’s enforcement action did not detail the deficiencies it found with State Street’s BSA/AML compliance.