The US Treasury Department has fined Bank of America more than $1.2 billion for deficiencies in combating money laundering and violations of sanctions rules. This is one of the highest fines the department has ever imposed on a financial institution in its history. hnonline.sk ↗
According to the ministry, the bank failed to properly report suspicious transactions totaling more than five billion dollars. Approximately one fifth of this amount also raised concerns related to national security. According to the authorities, the bank thus failed to fulfill its obligations in detecting possible money laundering and other illegal activity. Index.hu ↗
The sanction also includes a payment for violating US sanctions laws. According to the information provided, these concerned transactions linked to Iran, Russia, China, and drug trafficking networks. Bank of America is the second-largest bank in the United States. Der Standard ↗
The ministry described the imposed sanction as the third-highest fine in its history. The case highlights the scope of obligations that large financial institutions have in monitoring clients, detecting suspicious operations, and complying with sanctions regimes. As part of the settlement, the bank will have to pay more than $1.2 billion. El Mundo ↗
Bank of America fined $1.2 billion
This summary was generated by artificial intelligence. It may contain inaccuracies. Please verify information in the original sources below.
Sources (6)
Bank of America muss über 1,2 Milliarden Dollar Strafe zahlen
Der Standard
| 06:43 14.10.
Bank of America hit with $1.2bn fine for money laundering failings
BBC News
| 04:05 14.10.
Bank of America: Finanzministerium ahndet laxe Geldwäschekontrollen mit Milliardenstrafe
Spiegel.de
| 04:01 14.10.
Bank of America muss über 1,2 Milliarden Dollar Strafe zahlen
ORF
| 23:27 13.10.
El Tesoro estadounidense multa a Bank of America con 1.200 millones de dólares
El Mundo
| 23:04 13.10.
US-Großbank: Über 1,2 Milliarden Dollar Strafe für Bank of Amerika
Tagesspiegel
| 23:03 13.10.
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