Bank of America hit with more than $1.2 billion in penalties over money-laundering violations
Regulators said the bank failed to report more than $5 billion in suspicious activity and processed payments tied to sanctioned countries.
- On Tuesday, the Treasury Department ordered Bank of America to pay $1.2 billion after finding willful violations of the Bank Secrecy Act and sanctions laws.
- The bank admitted it "failed to maintain" an anti-money laundering program and neglected to report over $5 billion in suspicious transactions to the Financial Crimes Enforcement Network , with over $1 billion involving national security risks including Chinese Money Laundering Networks.
- As part of the settlement, the Office of the Comptroller of the Currency levied a $750 million fine—the largest ever by that agency—while the institution settled "its potential civil liability for 475 apparent violations" of sanctions programs targeting Russia, Iran, and Burma.
- Treasury Secretary Scott Bessent warned that compliance failures expose the U.S. financial system to significant illicit finance risks, stating, "Today's actions send a clear message that even the biggest financial institution are not above the law."
- Processing $450 trillion in corporate payments and about $4.5 trillion for 70 million individual clients annually, the bank reports third-quarter earnings on Wednesday, facing heightened regulatory scrutiny.
419 Articles
419 Articles
Treasury hits Bank of America with $1.2 billion in penalties over money laundering, sanctions failures
WASHINGTON — Bank of America is facing more than $1.21 billion in penalties and settlements after federal regulators found serious failures in its efforts to detect and report suspicious financial transactions, including activity tied to Chinese money laundering networks and potential illicit finance along the U.S. southwest border. The Financial Crimes Enforcement Network assessed a… The post Treasury hits Bank of America with $1.2 billion in p…
Bank of America Fined $1.2bn For Money Laundering Failures
Bank of America has been hit with a $1.2bn fine after US authorities found major failures in its efforts to detect suspicious financial activity. These included transactions potentially linked to money laundering and sanctions violations. The US Treasury Department said the bank failed to report more than $5bn in suspicious activity, with $1bn posing national… Continue reading Bank of America Fined $1.2bn For Money Laundering Failures
'The biggest financial institutions are not above the law': Bessent hits BofA with $1.2 billion fine for money laundering—the third-largest in history
The penalty includes $750 million that will go to the U.S. Office of the Comptroller of the Currency, the largest fine ever imposed by that federal bank regulatory agency.
Coverage Details
Bias Distribution
- 55% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
