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Bank of America $1.2 Billion Sanctions/AML Fine
The US Treasury fined Bank of America $1.2 billion — its third-largest penalty ever — for alleged anti-money-laundering and sanctions violations, signaling intensified regulatory scrutiny of major bank compliance programs.
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The US Treasury Department announced on Tuesday it is imposing US$1.2 billion in fines on Bank of America for allegedly violating anti-money-laundering and sanctions laws, marking the third-largest such penalty in the department's history (SCMP, October 13). Treasury officials said the failures by a bank of this size "extend far beyond its own walls, exposing the entire US financial system to significant illicit finance risks" (SCMP, October 13). The case highlights intensifying US regulatory scrutiny of major banks' compliance programs.