Treasury said Bank of America also reached an $11.6 million settlement with the department’s Office of Foreign Assets Control over “apparent violations of numerous sanctions programs, including on Iran, Russia, narcotics, and global terrorism.”
In a statement, Treasury said its Financial Crimes Enforcement Network assessed the $1.2 billion penalty for Bank of America’s “failure to mitigate and report priority national security risks, including Chinese Money Laundering Networks and illicit finance along the southwest border.’’
The penalty includes $750 million that will go to the U.S. Office of the Comptroller of the Currency, the largest fine ever imposed by that federal bank regulatory agency.
Treasury said that Bank of America “admits that it willfully violated’’ the 1970 Bank Secrecy Act, which requires banks to help the government detect and prevent money laundering.
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