US Treasury fines Bank of America $1.2B for $5B lapses
Business
Bank of America just got fined over $1.2 billion by the US Treasury for not reporting more than $5 billion in suspicious transactions, a big miss under anti-money laundering laws.
This includes a record-breaking $750 million fine and another settlement for violating sanctions.
Bank of America admits inadequate systems
Regulators found that over $1 billion in transactions were tied to national security threats, like Chinese money laundering networks.
Bank of America admitted its systems weren't up to the mark, and Treasury said it had "prioritized its revenues" while minimizing the impact on compliance resources.