The US Treasury announced enforcement actions against Bank of America on 13 October over anti-money-laundering and sanctions compliance failures. FinCEN assessed a $1.2 billion penalty, while OFAC announced an $11.6 million settlement for apparent sanctions violations. Treasury said the bank admitted wilful Bank Secrecy Act violations, including failures in its anti-money-laundering programme and suspicious-activity reporting. The official announcement also requires independent reviews and a transaction lookback.
The US Treasury announced penalties against Bank of America related to Anti-Money LaunderingDefinition Anti-Money Laundering (AML) refers to the laws, controls, and procedures financial firms use to prevent, detect, and report attempts to disguise proceeds...Read More (AML) and sanctions compliance failures. The action highlights regulatory scrutiny of financial institutions’ obligations to monitor transactions, identify suspicious activity and enforce sanctions requirements. The penalties underscore the importance of strong compliance systems and effective RiskRisk is the possibility that the actual outcome of a trade, investment, or financial decision differs from the expected outcome and causes a loss or other unwanted result. Risk...Read More controls across the banking sector.
