🇺🇸 Treasury hit Bank of America with MORE THAN $1.21B in penalties for failing to stop money laundering
FinCEN, the main anti-money-laundering unit, assessed $1.2B, the OCC added a record $750M credited toward the total, and OFAC settled for $11.6M over sanctions violations involving Iran, Russia, and others.
The bank admitted it willfully broke anti-money-laundering rules and failed to report more than $5B in suspicious transactions on time, including over $1B linked to Chinese money-laundering networks.
The penalty lands 1 day before the bank’s earnings report and follows a 2024 order to fix the same problems.
The size of the miss is what stands out.
Source: Treasury Dept. / Writer: Lucas
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The Three Travellers @michaelmc1970 ·
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@MarioNawfal Cleaned $100+ billion…then paid the government $1.2 billion for their cut.
Lovely work if you can get it 🤔






































































