Bank of America hit with $1.2 billion penalty over money-laundering failures
What Happened
The US Treasury Department announced more than $1.21 billion in penalties against Bank of America for violations of anti-money laundering and sanctions laws. FinCEN said the bank failed to report more than $5 billion in suspicious transactions and admitted to willfully violating the Bank Secrecy Act.
Key Takeaways
The action includes a $1.2 billion FinCEN penalty, with a $750 million OCC penalty credited toward it, plus a separate $11.6 million sanctions settlement involving apparent violations of programs covering Iran, Russia, narcotics and global terrorism.