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Bank of America fined over $1.2 billion for anti-money laundering failures
5 sourcesLeft-leaning 1Center 3Right-leaning 1
Summary
The Treasury Department announced more than $1.2 billion in penalties against Bank of America on Tuesday, including a $1.2 billion FinCEN fine (with $750 million from the OCC) and an $11.6 million OFAC settlement. Regulators said the bank failed to timely report over $5 billion in suspicious transactions, including activity linked to Chinese money-laundering networks, and processed payments that appeared to violate sanctions on Iran and Russia. Bank of America admitted to willfully violating anti-money-laundering laws.
Left-leaning
- Bank of America hit with $1.2 billion penalty over money laundering allegationsAxios · Oct 13, 5:03 PM
Center
- Treasury fines Bank of America $1.2B for violating money laundering, sanctions lawThe Hill · Oct 13, 5:45 PM
- Bank of America to Pay $1.2 Billion to Settle Violations of Money Laundering, Sanctions LawsWall Street Journal · Oct 13, 6:05 PM
- Treasury imposes $1.21B in penalties on Bank of AmericaUPI · Oct 13, 11:02 PM
Right-leaning
- Major U.S. Bank Hit With $1.21 Billion In Penalties After Ignoring Red FlagsThe Daily Wire · Oct 13, 2:26 PM