Bank of America Fined for Money Laundering

The U.S. Department of the Treasury has announced penalties against Bank of America over anti-money laundering violations and non-compliance with sanctions.

According to Operativ Media, the U.S. Treasury Department announced the decision in a statement published on October 13.

According to the document, the bank was fined $1.21 billion for failing to mitigate national security risks linked to suspicious money laundering and illicit financial transactions by Chinese networks.

The financial institution must also pay an additional $750 million for violating federal anti-money laundering laws. According to the Treasury Department, the bank failed to prevent roughly $5 billion in suspicious transactions and did not report them to the authorities.

In addition, the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) reached an $11.6 million settlement with Bank of America over sanctions violations.

According to the department, the bank committed at least 475 violations due to technical or human errors while processing payments totaling several million dollars.