From HuffPost · · 1m
Bank Of America Fined $1.2 Billion For Money Laundering Failures
Bank of America pays $1.2 billion penalty after failing to report suspicious financial activity.
In brief
Bank of America pays $1.2 billion penalty after failing to report suspicious financial activity. Bank of America faces $1.2 billion fine for not reporting over $5 billion in suspicious financial activity to the U.S. government. Originally reported by HuffPost.
Bank of America fined
Bank of America faces $1.21 billion penalty from U.S. government for failing to report over $5 billion in suspicious activity.
Treasury Department statement
Treasury Secretary Scott Bessent said financial institutions protect economic and national security, and bank failures expose the entire US financial system to illicit finance risks.
Bank of America response
Bank of America claims it has invested billions in technology and thousands of employees to combat financial crime, with a $1.2 billion non-tax-deductible charge for Q3 results.
Compliance program issues
Bank’s compliance program was deemed deficient and ineffective, causing delays in filing suspicious activity reports on billions of dollars of transactions.
The short version
Bank of America faces $1.2 billion fine for not reporting over $5 billion in suspicious financial activity to the U.S. government.
