Bank of America faces $1.2bn penalty for AML failures

Bank of America has been fined $1.2 billion by the US Treasury for failing to detect over $5 billion in suspicious transactions, including activities linked to Chinese money laundering and trade-based laundering. The bank admitted to willfully violating anti-money laundering laws and relied heavily on external inquiries rather than internal controls. The fine, the third-largest imposed by the Treasury, includes penalties from the OCC and OFAC, with the latter targeting violations related to sanctions on Russia, Iran, narcotics, and terrorism.

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