US fines Bank of America $1.2bn for money laundering, sanctions violations
Summary
The US Treasury Department fined Bank of America over $1.21 billion for failing to follow anti-money laundering and sanctions laws. The penalties address missed reports of suspicious money flows and violations of sanctions on countries like Iran and Russia.Key Facts
- Bank of America was fined more than $1.21 billion by the US Treasury Department.
- The fines are among the largest ever given by the Treasury for these violations.
- The Financial Crimes Enforcement Network (FinCEN) fined the bank $1.2 billion for not reporting over $5 billion in suspicious transactions.
- The Office of the Comptroller of the Currency (OCC) fined the bank $750 million, the largest in its history, for poor anti-money laundering controls.
- The Office of Foreign Assets Control (OFAC) added an $11.6 million fine for breaking sanctions on Iran, Russia, drugs, and terrorism.
- Bank of America admitted to failing in duties like spotting suspicious transactions and verifying customers properly.
- The bank said it is investing heavily in technology and staff to fix these problems.
- Regulators said even large banks must fully follow US laws on money laundering and sanctions.
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