US Treasury imposes record $1.21bn in penalties on Bank of America for AML failures and sanctions violations

FinCEN imposed a $1.2 billion penalty after the bank failed to report more than $5 billion in suspicious transactions, including activity linked to Chinese money laundering networks, potential narcotics trafficking and trade-based money laundering. The OCC separately imposed a $750 million penalty for longstanding weaknesses in the bank’s AML programme, while OFAC reached an $11.6 million settlement over 475 apparent sanctions violations…