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Bank of America Fined $1.2 Billion Over Money-Laundering Violations
Just the facts
Federal authorities penalized Bank of America $1.2 billion for severe violations of money-laundering regulations and international sanctions laws. The penalty represents the third-largest enforcement action of its kind in the history of the Treasury Department. Regulators stated that the financial institution failed to maintain adequate internal controls, thereby allowing illicit transactions to bypass compliance systems.
Why this is news
The U.S. government announced a major financial penalty against Bank of America following an investigation into compliance failures.
Developments timeline
- Federal regulators penalized Bank of America $1.2 billion for money laundering compliance failures.
Sources
This summary is compiled strictly from the original reporting below.