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Bank of America hit with more than $1.2 billion in penalties over money-laundering violations
The bank also settled potential civil liability for 475 apparent sanctions violations and Treasury said it processed millions in payments tied to restricted programs.
- On Tuesday, the Treasury Department ordered Bank of America to pay $1.2 billion after finding willful violations of the Bank Secrecy Act and sanctions laws.
- The bank admitted it "failed to maintain" an anti-money laundering program and neglected to report over $5 billion in suspicious transactions to the Financial Crimes Enforcement Network , with over $1 billion involving national security risks including Chinese Money Laundering Networks.
- As part of the settlement, the Office of the Comptroller of the Currency levied a $750 million fine—the largest ever by that agency—while the institution settled "its potential civil liability for 475 apparent violations" of sanctions programs targeting Russia, Iran, and Burma.
- Treasury Secretary Scott Bessent warned that compliance failures expose the U.S. financial system to significant illicit finance risks, stating, "Today's actions send a clear message that even the biggest financial institution are not above the law."
- Processing $450 trillion in corporate payments and about $4.5 trillion for 70 million individual clients annually, the bank reports third-quarter earnings on Wednesday, facing heightened regulatory scrutiny.
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83 Articles
83 Articles
The Bank of America has a billion-dollar fine in its home. According to the U.S. government, among other things, their controls on money laundering were not strict enough.
The Bank of America has a billion-dollar fine in its home. According to the U.S. government, among other things, their controls on money laundering were not strict enough.
BofA fined $1.2 billion by US government for failing to police ...
·London, United Kingdom
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Bank of America hit with $1.2B fine for money laundering, sanctions violations
Treasury said Bank of America also reached an $11.6 million settlement with the department’s Office of Foreign Assets Control over “apparent violations of sanctions programs, including on Iran, Russia, narcotics, and global terrorism.
·New York, United States
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ReformaReposted by 
elnorte.com
elnorte.comU.S. Treasury announced that a $1.2 billion fine would be imposed on Bank of America for money laundering.
·Monterrey, Mexico
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Total News Sources83
Leaning Left12Leaning Right6Center49Last UpdatedBias Distribution73% Center
Bias Distribution
- 73% of the sources are Center
73% Center
L 18%
C 73%
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