Bank of America has been fined a total of $1.2 billion by the Office of the Comptroller of the Currency (OCC) and the Financial Crimes Enforcement Network (FinCEN) after admitting failures of its Bank Secrecy Act and anti-money laundering compliance program, resulting in over $5 billion in suspicious activity. The $750 million fine from the OCC is the largest civil money penalty that the bureau has ever issued. The suspicious transactions implicated Chinese Money Laundering Networks, including high volumes of credit card purchases at major retailers and wire transfers to counterparties in China with no discernible business rationale.
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