FINCEN - Financial Crimes Enforcement Network

Bank of America Fined $2 Billion for AML and Sanctions Violations The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) has imposed a $1.2 billion penalty on Bank of America for failing to address and report national security risks, including Chinese money laundering networks. Additionally, the Office of the Comptroller of the Currency fined the bank $750 million for inadequate Bank Secrecy Act/anti-money laundering compliance. The Office of Foreign Assets Control also reached an $11.6 million settlement for sanctions violations. Bank of America admitted to willfully violating the BSA and failing to maintain an adequate AML program.