US fines Bank of America $1.2bn over money laundering and sanctions violations
The US Treasury Department has imposed more than $1.21 billion in penalties on Bank of America over failures linked to anti-money-laundering and sanctions compliance. The action affects the second-largest bank in the United States and was announced on Tuesday. Treasury said the case involved shortcomings in suspicious transaction reporting, customer due diligence and sanctions controls.According to the department, the Financial Crimes Enforcement Network assessed a $1.2 billion penalty for the bank's failure to mitigate and report priority national security risks, including Chinese money laundering networks and illicit finance along the southwest border. Treasury said the bank failed to timely report... [Continue Reading]
360LiveNews | 14 Oct 2026 02:59 LONDON
Sponsored
