Bank of America was fined more than $1.2 billion after regulators found the nation’s second-largest bank failed to report more than $5 billion in suspicious transactions over several years. More than $1 billion involved high-priority national security risks, including Chinese money-laundering networks and activity tied to the southwest border. The penalty from Treasury’s Financial Crimes Enforcement Network represents the third-largest in the department’s history, while the Office of the Comptroller of the Currency imposed a $750 million civil money penalty, the largest ever levied by that agency. The bank admitted to willfully violating the Bank Secrecy Act and will undergo independent reviews of its transaction-monitoring programs.
Source: Read the original article
