The U.S. Treasury Department announced approximately $1.21 billion in penalties against Bank of America over anti-money laundering compliance failures and sanctions violations.
Regulators said the bank did not adequately investigate trillions of dollars in potentially suspicious transactions despite knowing of significant gaps in its compliance program. The penalties include a $1.2 billion assessment by the Financial Crimes Enforcement Network, with credit for a $750 million civil penalty imposed by the Office of the Comptroller of the Currency. A separate $11.6 million settlement with the Office of Foreign Assets Control brings the combined amount to approximately $1.21 billion.
Bank of America said the penalties will create a $1.2 billion non-tax-deductible charge in its third-quarter results, reducing net income by approximately 17 cents per share. The bank acknowledged the violations and said it has made substantial progress on the required improvements, while work to complete them continues.
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