CHARLOTTE (dpa-AFX) - The U.S. Department of the Treasury imposed a fine of over $1.21 billion on Bank Of America Corporation (BAC) for the violations of anti-money laundering and sanctions laws.
The lender admitted that it willfully violated the Bank Secrecy Act and failed to conduct due diligence for correspondent accounts for foreign financial institutions and file suspicious activity reports.
The Financial Crimes Enforcement Network assessed a $1.2 billion penalty for the lender's failure to mitigate national security risks, which include Chinese money laundering networks and illicit finance along the southwest border. The Office of the Comptroller of the Currency assessed a $750 million penalty for the deficient and ineffective anti-money laundering compliance program. The Office of Foreign Assets Control announced an $11.6 million settlement deal for the breach of sanction programs, which include Iran, Russia, narcotics, and others.
Bank of America will report its third-quarter financial results on October 14.
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