Bank of America hit with $1.2B in penalties over money laundering compliance failures - Fox Business

The Treasury Department announced approximately $1.21 billion in penalties against Bank of America over longstanding anti-money laundering failures and U.S. sanctions violations. Regulators found the bank failed to adequately investigate trillions of dollars in potentially suspicious transactions despite knowing about significant compliance deficiencies. The action includes the largest penalty in the history of the Office of the Comptroller of the Currency (OCC) and the third-largest in the history of the Financial Crimes Enforcement Network (FinCEN).FinCEN assessed a $1.2 billion penalty against the nation's second-largest bank, which includes credit for a $750 million civil penalty imposed by the OCC. A separate $11.6 million settlement with the Office of Foreign Assets Control (OFAC) brings the combined penalties to approximately $1.21 billion.