Bank of America faces more than $1.21bn in US penalties over compliance failures
US regulators announced penalties tied to anti-money-laundering and sanctions violations, with a $750 million OCC penalty credited toward a larger FinCEN penalty.
US regulators announced more than $1.21 billion in penalties against Bank of America on October 13 over anti-money-laundering and sanctions violations. The actions include a FinCEN penalty and a separate sanctions settlement, according to the US Treasury.
How the Bank of America penalties add up
The Office of the Comptroller of the Currency imposed a $750 million penalty, which it said would be credited toward FinCEN’s $1.2 billion penalty. The penalties therefore should not be added together. The OCC called its assessment the largest in its history.
Treasury said Bank of America admitted in its FinCEN resolution to willfully violating the Bank Secrecy Act and failing to report more than $5 billion in suspicious activity. A separate $11.6 million settlement with the Office of Foreign Assets Control concerned 475 apparent sanctions violations.
Bank of America said it had invested billions of dollars and assigned thousands of employees to financial-crime compliance. It said it was committed to completing the work required by regulators.
Sources and context
- Bank of America fined $1.2bn over claimed sanctions breachesThe National
- US fines Bank of America $1.2bn for money laundering, sanctions violationsAl Jazeera (Associated Press report)
- Bank of America fined $1.2 billion over money-laundering violationsCNBC
- U.S. Treasury Announces Record Enforcement Actions Against Bank of AmericaUS Department of the Treasury
- OCC Imposes $750 Million Assessment Against Bank of America for Deficient BSA/AML ComplianceOffice of the Comptroller of the Currency
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