Bank of America, fined $1.210 billion for violating money laundering and sanctions laws
The US Department of the Treasury announced on Tuesday a $1.210 billion penalty against Bank of America for violating the country's anti-money laundering laws and sanctions laws.
The US Department of the Treasury has imposed a $1.210 billion fine on Bank of America for violating anti-money laundering laws and US sanctions. The bank failed to mitigate and report risks to national security, including Chinese money laundering networks and illicit financing along the southwest border. Bank of America has reached an agreement with the Financial Crimes Enforcement Network (FinCEN), admitting to deliberately breaching the Bank Secrecy Act by not reporting $5 billion in suspicious transactions.
The agreement requires the bank to undergo a review of its transactions and monitoring programs, and it also faces a $750 million fine from the Office of the Comptroller of the Currency (OCC) and an $11.6 million fine from the Office of Foreign Assets Control (OFAC).
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