Switch to seedless. Get 30% off with SWITCH30 till Oct 21Bank of America fined $1.2B for AML, sanctions violations
6.6 Regulation Bank of America was fined $1.2B for failing to report suspicious transactions and violating AML and sanctions laws, including breaches tied to national security risks.
Bank of America has been fined over $1.2 billion by U.S. regulators for violations related to anti-money laundering (AML) and sanctions compliance. Authorities found the bank failed to report more than $5 billion in suspicious transactions over several years and did not address longstanding deficiencies in its AML program. The penalty includes a record $750 million fine from the Office of the Comptroller of the Currency, marking the third-largest fine in U.S. Treasury Department history. Violations involved failures to report activities tied to national security risks, such as Chinese money laundering networks and illicit finance along the southwest border, as well as breaches of sanctions related to Iran and Russia. Bank of America admitted to willfully violating the Bank Secrecy Act and agreed to a separate $11.6 million settlement for sanctions violations. Regulators stressed that these actions underscore the importance of strict financial compliance.
