OCC Fines Bank of America $750M in Record BSA/AML Action
Federal regulators hit Bank of America with a historic $750 million penalty for Bank Secrecy Act and anti-money-laundering violations.
The Office of the Comptroller of the Currency levied a $750 million civil money penalty against Bank of America, N.A., marking the largest such assessment in the agency's history, federal regulators announced.
The penalty stems from the bank's violations of the Bank Secrecy Act and its implementing regulations, specifically 12 CFR 21.21 and 12 CFR 21.11, which govern anti-money-laundering compliance programs and suspicious activity reporting requirements for federally chartered banks.
Read more OCC Fines Bank of America $750M in Record BSA/AML Action →
The scale of the fine underscores the OCC's escalating enforcement posture toward large financial institutions that fall short of mandatory compliance standards designed to detect and prevent illicit financial activity, including money laundering and the financing of criminal enterprises.
Bank of America, one of the largest banks in the United States, now faces the challenge of overhauling its BSA/AML infrastructure to satisfy regulatory expectations and avoid further sanctions. Deficiencies in these compliance frameworks have drawn heightened scrutiny across the banking sector in recent years.
Continue reading at OCC News.
