Bank of America fined US$1.21 billion as US flags suspected Chinese money laundering
Bank of America, the second-largest US bank, failed to promptly report hundreds of millions of dollars in suspicious transactions bearing signs of Chinese money-laundering networks, US regulators said on Tuesday, announcing more than US$1.21 billion in penalties for broader anti-money-laundering and sanctions failures. The Financial Crimes Enforcement Network, or FinCEN, said the activity…
The US Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) has imposed a US$1.21 billion penalty on Bank of America for failing to report suspicious transactions that showed signs of Chinese money laundering networks. The penalties, announced on Tuesday, are part of a broader enforcement action against the second-largest US bank for anti-money-laundering and sanctions violations.
FinCEN identified over US$5 billion in suspicious activity during the period, including large wire transfers to China, repeated credit-card purchases at major retailers and shipping companies, and payments towards cards held by third parties without a clear commercial purpose. The bank admitted to the violations and agreed to resolve the case, including wilful failures to comply with the Bank Secrecy Act.
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