Bank of America fined $1.2 billion by Treasury Department for money laundering and sanctions laws violations

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   Bank of America Fined $1.2 Billion by U.S. Treasury

   The United States Department of the Treasury has assessed a penalty of more than $1.2 billion against Bank of America for violations of anti-money laundering and sanctions laws. Regulators stated the second-largest bank in the United States failed to mitigate and report priority national security risks, including transactions tied to Chinese money laundering networks and illicit finance along the southwest border. Concurrently, the Office of the Comptroller of the Currency issued a separate civil money penalty for deficient Bank Secrecy Act and anti-money laundering compliance programs.

   Why it matters

   The penalty ranks as the third-largest enforcement action in Treasury history and the largest ever issued by the Office of the Comptroller of the Currency. Federal regulators have increasingly scrutinized major financial institutions for failing to police suspicious activities and monitor transnational criminal networks. The enforcement action was revealed shortly before the bank was scheduled to report its quarterly financial earnings.

   What is confirmed

   • The U.S. Department of the Treasury assessed a penalty of more than $1.2 billion against Bank of America.
   • The Office of the Comptroller of the Currency assessed a $750 million civil money penalty for deficient anti-money laundering compliance programs.
   • Bank of America stock fell more than 2.5% in after-hours trading following the penalty announcement.
   • The Treasury cited failures to report priority national security risks, including Chinese money laundering networks and illicit finance along the southwest border.

   What to watch next

   • Bank of America quarterly earnings report
   • Subsequent regulatory oversight or compliance mandates for the bank
   Sources used for this update (19)

   1. www.cnn.com — Breaking News, Latest News and Videos | CNN
   2. nypost.com — New York Post – Breaking News, Top Headlines, Photos & Videos
   3. AP News — US hits Bank of America with $1.2 billion fine, saying it violated money laundering, sanctions laws
   4. CNN — Bank of America fined $1.2 billion by Treasury Department for anti-money laundering and sanctions law violations
   5. www.cnbc.com — Bank of America fined $1.2 billion over money-laundering ...
   6. home.treasury.gov — U.S. Treasury Announces Record Enforcement Actions Against ...
   7. Yahoo Finance — Bank of America hit with $1.2 billion penalty over money laundering failures
   8. CNBC — Bank of America fined $1.2 billion over money-laundering violations
   9. Reuters — Bank of America fined $1.2 billion by US government for failing to police suspicious activity
   10. The Washington Post — Treasury Department imposes $1.2 billion penalty against Bank of America
   11. www.cnn.com — Bank of America fined $1.2 billion by Treasury Department for ...
   12. www.fincen.gov — FinCEN Assesses $1.2 Billion Penalty against Bank of America
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