The U.S. Treasury has imposed a record $1.2 billion penalty on Bank of America for repeated failures to comply with anti-money laundering and sanctions regulations. The fine, issued by the Financial Crimes Enforcement Network (FinCEN), stems from the bank’s alleged shortcomings in identifying and reporting transactions tied to national security threats. Authorities described the violations as systemic, highlighting the bank’s role as a major financial institution in the country. The penalty underscores growing regulatory scrutiny over banks’ compliance with financial crime prevention measures.
The Treasury Department on Tuesday announced it was fining Bank of America more than $1.2 billion for violating anti-money laundering and sanctions laws. The Treasury’s Financial Crimes Enforcement Network (FinCEN) fined Bank of America, the second-largest bank in the country, $1.2 billion for its failure to “mitigate and report priority national security risks,” the department...
