Bank of America hit with more than $1.2 billion in penalties over money-laundering violations
The bank also settled potential civil liability for 475 apparent sanctions violations and Treasury said it processed millions in payments tied to restricted programs.
- 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.
92 Articles
92 Articles
The Treasury points to Bank of America for "not having mitigated or reported priority risks to national security, including Chinese money laundering networks and illicit financing along the southwest border."The US Treasury Department has announced Tuesday that it imposes $1.2 billion fines on Bank of America for breaches of anti-money laundering legislation, and an additional sanction for alleged violations of US sanctions programs.The fines im…
Bank of America fined $US1.2 billion for anti-money laundering failures
The ASX is set to slip after a slightly negative finish on Wall Street. Bank of America is hit with a record fine by the US Treasury. Follow the day's events and insights from our business reporters on the ABC News live markets blog.
The sanction, the third highest in history, is imposed for violating anti-money laundering laws and sanctions that affect Iran, Russia, China and drug trafficking networks Read
The Bank of America has a billion-dollar fine in its home. According to the U.S. government, among other things, their controls on money laundering were not strict enough.
The Bank of America has a billion-dollar fine in its home. According to the U.S. government, among other things, their controls on money laundering were not strict enough.
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