Bank of America is fined $1.2 billion for money laundering violations.
The U.S. Treasury fined Bank of America $1.2 billion for failing to report over $5 billion in suspicious transactions, including those tied to money laundering and national security risks. The bank admitted to violating the Bank Secrecy Act and settled with OFAC over 475 apparent sanctions violations.
- The U.S. Treasury imposed a $1.2 billion fine on Bank of America for failing to report suspicious transactions, including over $5 billion in activity linked to money laundering and national security risks.
- Bank of America settled with OFAC over 475 apparent sanctions violations, including those related to Russia, Iran, drugs, and terrorism.
- The Office of the Comptroller of the Currency imposed a $750 billion fine on the bank.
- The fine includes $11.6 million for sanctions violations and was linked to failures in anti-money laundering compliance.
- Agent reports said bank of America failed to report Chinese money laundering networks and did not adequately mitigate national security risks.
- A portion of the suspicious transactions involved national security concerns, with $1 billion posing a direct threat.
- The penalty is the third-largest ever issued by the U.S. Treasury, and was imposed by the Financial Crimes Enforcement Network.
- The U.S. Treasury said the bank did not take sufficient action to improve compliance and that large banks failing to meet obligations risk the entire financial system.
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