Federal regulators have imposed a $1.2 billion penalty on Bank of America, accusing the institution of repeated failures to comply with anti-money laundering and sanctions enforcement laws. The enforcement action follows an investigation into alleged shortcomings in the bank’s monitoring and reporting systems, which reportedly allowed illicit financial activity to proceed unchecked. Authorities have cited systemic weaknesses in compliance protocols as a key factor in the decision. The case underscores growing scrutiny over major financial institutions’ adherence to global anti-financial crime measures.
U.S. hits Bank of America with $1.2 billion fine, saying it violated money laundering and sanctions laws PBS
