US Treasury fined Bank of America $1.21 billion for money laundering and sanctions violations

The US Treasury Department fined Bank of America $1.21 billion. The bank was accused of lack of measures to combat money laundering and violation of sanctions, reports sb.by.

Illustrative photo by Pixabay

According to TASS, the statement of the press service of the Ministry of Finance, which was published on October 13, said that the US federal government imposed a fine of $ 1.2 billion on the bank. The reason is the bank’s inability to reduce national security threats. The document deals with money laundering and illegal financial transactions, which are attributed to “Chinese networks”.

Bank of America will pay another $750 million for failing to comply with federal anti-laundering laws. The bank did not prevent or notify U.S. authorities of laundering incidents totaling about $5 billion.

In addition, the Office of Foreign Assets Control (OFAC) of the US Treasury reached an agreement with the bank. The financial institution will pay $11.6 million. These funds will settle the claims of the US government to violate the sanctions regime against a number of countries. According to the Ministry of Finance, due to a “technical or human error”, Bank of America committed at least 475 such violations. The total amount of processed payments is several million dollars. U.S. may increase military budget to $1.5 trillion after congressional elections in November