The U.S. Treasury Department has imposed more than $1.21 billion in penalties against Bank of America, the second-largest bank in the United States, for violating anti-money laundering and sanctions laws.
Key Takeaways
The U.S. Treasury Department imposed over $1.2 billion in penalties on Bank of America for violating anti-money laundering and sanctions laws. The fines include a record $750 million penalty from the OCC and an $11.6 million settlement with OFAC.
- US Treasury fined Bank of America $1.2B for compliance failures
- Penalties include largest-ever OCC fine of $750M
- OFAC settled sanctions violations at $11.6M
- Bank failed to report over $5 billion in suspicious transactions
- Bank of America committed to addressing compliance issues
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▼Source Claims Check
1 Difference FoundAll 3 publishers report consistent facts across 4 key claims. 1 point of difference noted.
| Claim | Status | Reason | |
|---|---|---|---|
| Fincen Fine | 1 Difference | Al Jazeera and UPI specify FinCEN’s focus on national security risks; HuffPost emphasizes the failure to report over $5 billion. | ▼ |
| Total Penalty Amount | Broad Agreement | $1.2B in penalties imposed on Bank of America | |
| Occ Fine | Broad Agreement | $750M penalty from OCC for deficient anti-money laundering compliance program | |
| Ofac Settlement | Broad Agreement | $11.6M fine for violating sanctions programs targeting Iran, Russia, narcotics, and global terroris… | |
| Bank Of America's Response | Broad Agreement | Bank of America committed to addressing compliance issues and investing in technology. |
Fincen Fine
▼Al Jazeera and UPI specify FinCEN’s focus on national security risks; HuffPost emphasizes the failure to report over $5 billion.
Total Penalty Amount
Broad Agreement$1.2B in penalties imposed on Bank of America
Occ Fine
Broad Agreement$750M penalty from OCC for deficient anti-money laundering compliance program
Ofac Settlement
Broad Agreement$11.6M fine for violating sanctions programs targeting Iran, Russia, narcotics, and global terrorism.
Bank Of America's Response
Broad AgreementBank of America committed to addressing compliance issues and investing in technology.
This analysis is AI-generated and may not perfectly represent each source's reporting. Always read the original articles for full context.
According to multiple reports, the fines announced on Tuesday include the third-largest penalty in Treasury Department history. The Financial Crimes Enforcement Network (FinCEN) assessed a $1.2 billion penalty over the bank’s failure to mitigate and report “priority national security risks,” including Chinese money laundering networks and illicit finance along the southwest border.
The Office of the Comptroller of the Currency (OCC) also levied its largest-ever civil penalty of $750 million for the bank’s deficient anti-money laundering compliance program. The Office of Foreign Assets Control (OFAC) announced an additional $11.6 million settlement over apparent violations of numerous sanctions programs, including those targeting Iran, Russia, narcotics, and global terrorism.
Bank of America agreed to settle 475 apparent violations of multiple sanctions programs and committed to significant compliance improvements regarding training, testing, audit, and future communication with OFAC. In response, Bank of America stated that it has invested billions in technology and dedicated thousands of employees to combat financial crime.
How this summary was created
This summary synthesizes reporting from 3 independent publishers using AI. All sources are cited and linked below. NewsBalance is a news aggregator and media literacy tool, not a news publisher. AI-generated content may contain errors or inaccuracies — always verify important information with the original sources.