Bank of America fined $1.2bn for anti-money laundering failures

The U.S. Department of the Treasury imposed a $1.2 billion fine on Bank of America for violations of anti-money laundering legislation and sanctions regulations.

The penalties were imposed by FinCEN and include a $750 million fine from the Office of the Comptroller of the Currency (OCC) and an $11.6 million settlement with the Office of Foreign Assets Control (OFAC).

The bank admitted to willfully violating the Bank Secrecy Act and failing to file suspicious activity reports for transactions totaling more than $5 billion.