Bank of America admits willfully violating Bank Secrecy Act regulations and failing to “timely report” more than $5 billion in “suspicious” transactions, Treasury said.
From CNBC: Bank of America was hit with more than $1.2 billion in federal penalties Tuesday after regulators said the nation’s second-largest bank failed for years to report more than $5 billion in suspicious transactions and fix longstanding anti-money-laundering problems.
More than $1 billion of the unreported activity involved national security and other high-priority risks, including Chinese money laundering networks and activity tied to the southwest border, Treasury said in a press release.
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