Bank of America fined over $1.21 billion for anti-money laundering and sanctions compliance deficiencies
Bank of America hit with $1.21B penalty over AML failures
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The U.S. Treasury Department fined Bank of America over $1.21 billion for anti-money laundering and sanctions compliance deficiencies; the bank admitted to violating the Bank Secrecy Act. Of this amount, Bank of America will pay $750 million to the OCC, while OFAC separately reached an $11.6 million settlement over sanctions violations. The OCC said the bank's monitoring systems had serious deficiencies, resulting in delays in filing suspicious activity reports related to tens of billions of dollars in transactions.
The penalties cover anti-money laundering monitoring, the escalation and investigation of suspicious activity, and reporting timelines, illustrating the scope of regulators' enforcement against financial crime compliance deficiencies at banks.
Source:Cryptopolitan · cryptopolitan.com