Treasury hits Bank of America with third largest fine ever for AML violations
The U.S. Department of the Treasury imposed more than $1.21 billion in penalties against Bank of America for violations of anti-money laundering and sanctions laws. This is the third-largest penalty in Treasury history and the largest in the Office of the Comptroller of the Currency (OCC) history. The Treasury’s Financial Crimes Enforcement Network (FinCEN) assessed a $1.2 billion penalty for the bank’s failure to mitigate and report priority national security risks, including Chines...
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