Bank of America fined US$1.21 billion as US flags suspected Chinese money laundering
Bank of America has been fined over US$1.21 billion by US regulators for anti-money-laundering and sanctions failures. The Financial Crimes Enforcement Network (FinCEN) stated that the bank did not promptly report hundreds of millions of dollars in suspicious transactions.
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- Oct 14
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Open questions and key claims
US Treasury Department imposed over $1.21 billion in penalties against Bank of America for violating anti-money laundering and sanctions laws.
Bank of America failed to timely report to FinCEN over $5 billion dollars in suspicious transactions.
The Office of the Comptroller of the Currency (OCC) assessed a $750 million fine for the bank’s deficient anti-money laundering compliance programme.
The $1.2 billion fine will impact Bank of America's net income by approximately 17 cents per share.
Bank of America fined US$1.21 billion for anti-money-laundering and sanctions failures.
Bank of America fined $1.21bn by US regulators for widespread failures to detect potential money laundering and other illicit activity.
The Office of the Comptroller of the Currency levied a $750m civil penalty against Bank of America, the largest ever for the regulator.
Bank of America's third-quarter results will include a $1.2bn charge, reducing net income by approximately 17 cents a share.