Treasury fines Bank of America $1.2B for violating money laundering, sanctions law

The U.S. Treasury Department fined Bank of America $1.2 billion for violating anti-money laundering and sanctions laws. The penalty includes a record $750 million fine from the Office of the Comptroller of the Currency. Treasury officials stated the bank failed to report over $5 billion in suspicious transactions, including those linked to Chinese money laundering networks and illicit finance along the U.S. southwest border. Bank of America admitted to willfully violating the Bank Secrecy Act while noting it has invested billions in compliance technology to address these issues.

The U.S. Treasury Department fined Bank of America $1.2 billion for violating anti-money laundering and sanctions laws. The penalty includes a record $750 million fine from the Office of the Comptroller of the Currency. Treasury officials stated the bank failed to report over $5 billion in suspicious transactions, including those linked to Chinese money laundering networks and illicit finance along the U.S. southwest border. Bank of America admitted to willfully violating the Bank Secrecy Act while noting it has invested billions in compliance technology to address these issues.