Summary
Bank of America was fined $1.2 billion by the U.S. Treasury Department for failing to detect and report suspicious financial activities that could be related to money laundering. The bank admitted it did not properly follow laws to prevent illegal money flow and will include this fine in its financial results.Key Facts
- Bank of America failed to report more than $5 billion in suspicious activities to the government.
- About $1 billion in those transactions had risks linked to national security and illegal finance.
- The bank missed signs of possible money laundering involving Chinese networks and trade near the U.S. southwest border.
- The $1.2 billion fine is the third-largest ever given by the Treasury Department.
- The penalty includes fines from the Office of the Comptroller of the Currency and the Office of Foreign Assets Control.
- Bank of America admitted it "willfully violated" the Bank Secrecy Act by not maintaining proper anti-money laundering programs.
- The bank relied too much on outside parties instead of using its own systems to detect illegal money flows.
- The bank will report this fine as a charge in its upcoming financial report, lowering its net income.
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