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Bank of America fined $1.2 billion for money laundering violations

By PulseAugur Editorial · [1 sources] ·

The U.S. Treasury Department has levied a $1.2 billion fine against Bank of America for alleged violations of anti-money laundering and sanctions laws. This penalty is the third-largest in the department's history and includes a $750 million settlement with the U.S. Office of the Comptroller of the Currency, the largest fine ever imposed by that agency. Bank of America admitted to willfully violating the Bank Secrecy Act, and the Treasury cited failures in mitigating and reporting national security risks, including Chinese money laundering networks. AI

RANK_REASON Major regulatory fine against a top financial institution for significant legal violations. [lever_c_demoted from significant: ic=1 ai=0.0]

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AI-generated summary · Google Gemini · from 1 sources. How we write summaries →

Bank of America fined $1.2 billion for money laundering violations

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Major regulatory fine against a top financial institution for significant legal violations. [lever_c_demoted from significant: ic=1 ai=0.0]
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COVERAGE [1]

  1. Fortune TIER_1 English(EN) · The Associated Press, Paul Wiseman, Farnoush Amiri ·

    ‘The biggest financial institutions are not above the law’: Bessent hits BofA with $1.2 billion fine for money laundering—the third-largest in history

    The penalty includes $750 million that will go to the U.S. Office of the Comptroller of the Currency, the largest fine ever imposed by that federal bank regulatory agency.

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