Bank of America Admits Willful AML Failures in $1.21 Billion Settlement
Bank of America has agreed to pay a $1.21 billion penalty to the U.S. Treasury Department for willful violations of anti-money laundering and sanctions laws. The settlement, the third-largest in Treasury history, follows findings that the bank failed to report over $5 billion in suspicious transactions, including activity linked to Chinese money-laundering networks and the U.S.-Mexico border. The bank admitted to failing to maintain adequate compliance programs and will record a non-tax-deductible charge in its third-quarter earnings.
