The analysis revealed that all of his off-spin deliveries exceeded the 15 degrees level of tolerance, permitted under the regulations.
Waller was reported after the second Test match against Bangladesh in Khulna last month.
The analysis was performed by the International Cricket Council's accredited team of Human Movement Specialists at the High Performance Centre in Pretoria on December 7.
Waller can apply for a re-assessment after modifying his bowling action in accordance with clause 2.4 of the Regulations for the Review of Bowlers Reported with Suspected Illegal Bowling Actions.