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.
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'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.
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Bank of America fined $1.2B for allegedly violating anti-money laundering, sanctions laws
The U.S. Treasury Department says it’s imposing $1.2 billion in fines on Bank of America for allegedly violating anti-money laundering and sanctions laws.
The Department of Finance in Washington has imposed a fine of $1.2 billion on the Bank of America for failing to combat money laundering.
Bank of America Ignored Its Own Compliance Warnings as Chinese Money-Laundering Networks, Mexican Border Cash and Sanctioned Funds Flowed, Treasury Finds in $1.2 Billion Penalty
Action reveals billions in suspicious transactions and vulnerabilities in America’s dollar-clearing system, raising questions about what Washington has learned from the HSBC and TD Bank scandals.
BoA Hit With Record Breaking Fine, Confesses to Wild Violations Involving Narcos, Terrorism, Money Laundering, Russian, Iran, and Others
The U.S. Treasury Department has hit Bank of America with $1.2 billion in fines for violating a whole host of anti-money laundering and sanctions laws. “When a bank of this […]
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