The US Treasury Department announced $1.21 billion in penalties against Bank of America for its lapses in anti-money laundering (AML) and alleged sanctions violations, and warned that enforcement of AML rules and federal Bank Secrecy Act (BSA) compliance is a top priority.
Bank of America (BoA), the second-largest bank in the US, was hit with a $1.2 billion penalty from the Financial Crimes Enforcement Network (FinCEN) and a $750 million penalty from the Treasury’s Office of the Comptroller of the Currency (OCC), plus an $11.6 million fine through a settlement with the Office of Foreign Assets Control (OFAC), Treasury said in a press release Tuesday. FinCEN credited the OCC’s penalty, bringing the total to $1.21 billion.
