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Bank of America hit with $1.2B fine for money laundering, sanctions violations
New York Post • • general
Key Points:
- The US Treasury Department imposed $1.2 billion in fines on Bank of America for violations of anti-money laundering and sanctions laws, marking the third-largest penalty in the department's history.
- Bank of America also agreed to an $11.6 million settlement with the Office of Foreign Assets Control for violations related to sanctions on Iran, Russia, narcotics, and global terrorism.
- The $1.2 billion penalty includes a record $750 million fine from the Office of the Comptroller of the Currency, reflecting failures to address national security risks such as Chinese money laundering networks and illicit finance at the southwest border.
- Bank of America admitted to willfully violating the 1970 Bank Secrecy Act and emphasized its ongoing investments in technology and personnel to improve financial crime compliance.
- This enforcement action follows previous large penalties under the Biden administration targeting anti-money laundering compliance, including settlements with Binance and TD Bank.
