Bank of America Fined $1.21 Billion for Failing to Flag Suspected Money Laundering Activities
MT Newswires Live
7 hours ago
Bank of America (BAC) was imposed with a fine of over $1.21 billion for failing to flag $5 billion in suspicious transactions to the Financial Crimes Enforcement Network linked to potential Chinese money-laundering networks and illicit finance around the southern US border, the US Treasury said late Tuesday.
The penalty includes a $750 million civil money penalty from the Office of the Comptroller of the Currency, according to the Treasury.
The Office of Foreign Assets Control also reached an $11.6 million settlement with the bank over "apparent" violations of multiple sanctions programs, including on Iran, Russia, narcotics, and global terrorism.
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