Bank of America fined over $1.2 billion for anti-money laundering failures
Bank of America will pay over $1.21 billion to settle regulatory claims involving anti-money laundering deficiencies and sanction breaches.
US regulators have ordered Bank of America to pay more than $1.21 billion in penalties following significant deficiencies in its anti-money laundering controls and violations of federal sanctions rules.
According to a statement from the US Department of the Treasury on Tuesday, the enforcement action includes a $750 million civil penalty levied by the Office of the Comptroller of the Currency, marking a record fine for the regulatory agency.
The authorities identified systemic shortcomings in how the institution monitored transaction risks and adhered to international sanctions compliance. Bank of America must now implement corrective measures to strengthen its internal compliance oversight alongside paying the monetary fines.
Sources: Finews.