US bank: Over $1.2 billion fine for Bank of America
The second-largest US bank faces a multi-billion dollar fine. According to the US government, its controls, including those related to money laundering, were not strict enough.
The US Department of the Treasury has imposed penalties totaling over $1.21 billion on Bank of America for violating money laundering and sanctions laws. The bank allegedly failed to report suspicious transactions, including those related to Chinese money laundering networks, totaling over $5 billion. The penalties include a $11.6 million payment to settle allegations of violating sanctions against Iran and Russia.
Bank of America has agreed to allow external auditors to analyze suspicious transactions and stated that it has invested billions in technology to combat financial crime. The bank's quarterly earnings report, due on Wednesday, will reflect the impact of the penalties.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
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