US Treasury penalizes Bank of America over $5 billion in unreported suspicious transactions

WASHINGTON DC: The US Department of the Treasury has imposed penalties totaling more than USD 1.21 billion on Bank of America, the country’s second-largest bank, over failures in reporting suspicious transactions and deficiencies in its anti-money laundering controls.

The Financial Crimes Enforcement Network (FinCEN) imposed a USD 1.2 billion penalty, while the Office of the Comptroller of the Currency (OCC) levied a USD 750 million fine. The Office of Foreign Assets Control (OFAC) separately reached an USD 11.6 million settlement with the bank over potential violations of sanctions programs.