Three US federal agencies fine Bank of America more than $1.21 billion for anti-money laundering and sanctions violations
US Fines Bank of America $1.2 Billion, Alleging AML and Sanctions Violations
AI-assisted source summary · not independently verified. Content standards
Three US federal agencies imposed penalties totaling more than $1.21 billion on Bank of America for alleged violations of anti-money laundering and sanctions requirements. FinCEN said the bank failed to timely report more than $5 billion in suspicious transactions and noted that it admitted to willfully violating the BSA; the OCC imposed a $750 million civil penalty, while OFAC reached an $11.6 million settlement over suspected violations involving 475 sanctions programs.
FinCEN, the OCC and OFAC each took enforcement or settlement measures. The materials detail the compliance deficiencies involved and the amount imposed by each agency, showing the different areas covered by the enforcement actions.
Source:PYMNTS · pymnts.com