Bank of America hit with $1.2B fine after missing ‘Chinese money laundering’

Bank of America has been fined a total of $1.2 billion dollars by the Office of the Comptroller of the Currency (OCC) and the Financial Crimes Enforcement Network (FinCEN) after admitting failures of its Bank Secrecy Act (BSA) and anti-money laundering (AML) compliance program resulting in over $5 billion in suspicious activity. The $750 million fine from the OCC is the largest civil money penalty that the bureau has ever issued. FinCEN is responsible for the remainder of the fine and credits the $750 million against its total penalty of $1.2 billion. Read more: How a money launderer allegedly used Deltec, Binance, and Tether The FinCEN order details how Bank of America “willfully failed to implement and maintain adequate internal controls for BSA compliance” which resulted in missing or delayed…

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