Bank of America Faces More Than $1.2 Billion in Penalties

Bank of America faces more than $1.2 billion in federal penalties after regulators accused the bank of prolonged anti-money-laundering failures and sanctions violations. The bank admitted to willfully violating Bank Secrecy Act regulations and failing to report more than $5 billion in suspicious transactions. The Office of the Comptroller of the Currency imposed a record $750 million civil money penalty against Bank of America. That amount counts toward the total announced by Treasury. Treasury also announced an $11.6 million settlement tied to sanctions violations.

Source: TokenPost