Bank of America fined over $1.21 billion
The US Treasury Department announced that Bank of America has been fined more than $1.21 billion for violations related to anti-money laundering obligations and sanctions laws.
The penalties reportedly include the third-largest fine in Treasury Department history and the largest ever imposed by the Office of the Comptroller of the Currency (OCC). Failures in suspicious activity reporting and deficiencies in the bank's compliance program were cited as key reasons for the enforcement actions.
The Financial Crimes Enforcement Network (FinCEN) stated that the bank failed to report more than $5 billion in suspicious transactions on time, including over $1 billion linked to priority illicit finance risks. Additionally, the Office of Foreign Assets Control (OFAC) reached an $11.6 million settlement with the bank over violations involving several sanctions programs, including those related to Iran and Russia. US Treasury Secretary Scott Bessent emphasized that major financial institutions are not exempt from their legal obligations.
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