Bank of America fined over $1.2 billion for anti-money laundering failures
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Summary
The Treasury Department announced more than $1.2 billion in combined penalties against Bank of America on Tuesday, covering FinCEN, OCC and OFAC actions, marking the third-largest penalty in Treasury history. Regulators said the bank failed to timely report over $5 billion in suspicious transactions, including activity linked to Chinese money-laundering networks and suspected trade-based laundering near the U.S.-Mexico border. Bank of America admitted to willfully violating anti-money-laundering laws.
Left-leaning
- Bank of America ordered to pay historic $1.2 billion over alleged sanctions law violationsNBC News · Oct 13, 4:15 PM
- 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
- Treasury imposes $1.21B in penalties on Bank of AmericaUPI · Oct 14, 11:32 AM