Bank of America Fined $1.21 Billion for Money Laundering and Sanctions Violations
The penalty is the third-largest in Treasury Department history and the largest ever from the Office of the Comptroller of the Currency.
Bank of America has agreed to pay $1.21 billion to resolve allegations of violating U.S. anti-money laundering and sanctions laws. The Treasury Department announced the settlement on Tuesday, characterizing the fine as the third-largest in its history and the largest ever imposed by the Office of the Comptroller of the Currency (OCC).
The violations involved Bank of America's failure to maintain an effective anti-money laundering program and a failure to report suspicious transactions, according to the Treasury Department. The bank also admitted to sanction violations.
The OCC previously fined Bank of America $250 million in 2014 for deficiencies in its Bank Secrecy Act compliance program. The current settlement resolves investigations by multiple agencies, including the Treasury Department's Financial Crimes Enforcement Network (FinCEN), the OCC, and the Federal Reserve.