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BofA Fined $1.2B Over AML Failures
Treasury Secretary Bessent fined Bank of America $1.21 billion for facilitating suspicious transactions involving China and others, with 475 apparent sanctions violations and failure to report over $5 billion in suspicious transactions.
Key points
- Bank of America has been fined $1.2 billion over money-laundering violations.
- Bank of America admits willfully violating Bank Secrecy Act regulations and failing to "timely report" more than $5 billion in "suspicious" transactions, the Treasury has said.
- The US government fined Bank of America $1,200,000,000 over money laundering failures.
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Original post
🚨 BREAKING: In a massive move, Treasury Sec. Scott Bessent just slapped $1.21 BILLION in penalties on BANK OF AMERICA, which facilitated suspicious transactions involving CHINA and other nations
The bank racked up 475 apparent sanctions violations involving Iran, Russia, narcotics, and terrorism!
BESSENT FAFO 🔥
Bank of America reportedly ADMITTED it willfully broke federal anti-money laundering law.
Treasury says the bank failed to report more than $5 BILLION in suspicious transactions.
More than $1 billion of that was tied to national security risks, including Chinese money-laundering networks and cartel-linked activity along the southwest border
Treasury says the bank put its revenue ahead of compliance and ignored red flags tied to possible narcotics money
BESSENT: "Today's actions send a clear message that even the biggest financial institutions are not above the law."
They are not being let off the hook!
BESSENT JUST LAID THE HAMMER
What others are saying
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From @RPTIME, @HankyPankyAtSEC, @galyan1018 and others. Spam removed, with English and Chinese translations.
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