US Fines Bank of America $1.2 Billion for AML and Sanctions Violations
US fines Bank of America $1.2 billion over alleged anti-money laundering and sanctions breaches.
In brief
US fines Bank of America $1.2 billion over alleged anti-money laundering and sanctions breaches. US Treasury Department fined Bank of America $1.2 billion for violating anti-money laundering and sanctions laws. Originally reported by Pymnts.
US Fines Bank of America
Three federal agencies imposed penalties totaling more than $1.21 billion on Bank of America.
Largest OCC Penalty
OCC assessed $750 million penalty, Bank of America's largest-ever civil money penalty.
FinCEN Penalty
FinCEN imposed $1.2 billion penalty for failing to report $5 billion in suspicious transactions.
OFAC Settlement
OFAC settled $11.6 million over 475 apparent sanctions violations including Iran and Russia.
Bank Statement
Bank of America committed to addressing regulators' concerns with $1.2 billion non-tax-deductible charge.
Treasury Statement
Treasury Secretary Scott Bessent warned of systemic risks from financial crime violations.
Consequence
Bank of America faces $1.2 billion charge impacting net income by 17 cents per share.
The big picture
US Treasury Department fined Bank of America $1.2 billion for violating anti-money laundering and sanctions laws.
