Bank of America fined over $1.2 billion for compliance failures

Bank of America faces more than $1.2 billion in penalties for anti-money laundering and sanctions violations, the U.S. Treasury Department announced Tuesday, October 13.

Regulators said the bank failed to address longstanding weaknesses in its safeguards and properly report more than $5 billion in suspicious transactions.

Penalties involve multiple regulators

The enforcement action includes a $1.2 billion penalty from the Financial Crimes Enforcement Network, incorporating a $750 million penalty from the Office of the Comptroller of the Currency.

Bank of America also reached an $11.6 million settlement with Treasury’s Office of Foreign Assets Control over apparent sanctions violations involving several programmes, including those concerning Iran and Russia.