The U.S. Treasury Department said Tuesday it is imposing $1.2 billion in penalties on Bank of America over alleged violations of anti-money laundering and sanctions laws.
Treasury said its Financial Crimes Enforcement Network assessed the penalty for failures to address and report national security risks. It identified Chinese money laundering networks and illicit finance along the southwest border among its concerns. The department said the bank admitted willful violations of the Bank Secrecy Act, which requires banks to help detect and prevent money laundering.
The $1.2 billion total includes $750 million for the Office of the Comptroller of the Currency, which Treasury described as the agency’s largest fine. Treasury said Bank of America also reached an $11.6 million settlement with its Office of Foreign Assets Control over apparent sanctions violations involving programs related to Iran, Russia, narcotics and global terrorism.
Please note! Comments are published by readers. The opinions expressed may not reflect the position of the editorial team. USCT is not responsible for the content of readers' opinions and asks authors to observe moral standards, not to incite national or racial hatred, and to avoid rudeness. Think before you speak. You are responsible for your words! By publishing an opinion, you agree to the rules! If this request is ignored, USCT reserves the right to deprive the user of the ability to leave comments.