According to a report by the New York Times, chief risk officer Bruce Thompson is heading a team of up to 20 executives to review documents and information which could potentially feature in the leak.
Booz Allen Hamilton, a consulting firm, is believed to be collaborating with the financial services provider on sorting through the data and providing legal advice.
The move follows an interview with Julian Assange, WikiLeaks founder, by Forbes magazine in which he stated a âmegaleakâ involving a major US bank will take place during 2011.
Although BofA was not named by Mr Assange as the target of the leak, he has previously said he is in possession of a hard drive which previously belonged to an executive working for the bank.
During December the bank announced it would no longer be processing financial transactions involving the whistle blowing website.
MasterCard, Visa and PayPal had all previously said they would stop handling any payments related to the website.
By Jim Ottewill