The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) assessed a $1.2 billion penalty against Bank of America, N.A. for failing to mitigate and report priority national security risks, including Chinese money laundering networks and illicit finance along the U.S. southwest border.
Separately, the Office of the Comptroller of the Currency assessed a $750 million civil money penalty over deficiencies in the bank’s program for complying with the Bank Secrecy Act and anti-money laundering requirements.
The Office of Foreign Assets Control announced an $11.6 million settlement with the bank over apparent violations of multiple sanctions programs, including those concerning Iran, Russia, narcotics and global terrorism.
