Bank of America hit with $1.21B penalty over AML failures

The U.S. Department of the Treasury imposed more than $1.21 billion in penalties on Bank of America, the country’s second-largest bank, for breaches of anti-money-laundering and sanctions regulations. According to the Financial Crimes Enforcement Network (FinCEN), the Bank faced penalties for failing to adequately address or report major national security risks, including money-laundering networks associated with China and illicit financial transactions along the U.S. southwest border. To date, these fines are the third-largest amount ever issued by the department. The $1.2 billion penalty includes a historic $750 million payout to the U.S.

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