Bank of America hit with $1.2B fine after missing ‘Chinese money laundering’
Photo: Protos
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.
Source: Protos
