The US Treasury Department has imposed fines on Bank of America over violations of anti-money laundering requirements and sanctions rules, APA reports, citing a statement issued on October 13.
The bank was fined approximately $1.2 billion for failing to take adequate measures to address national security threats. The allegations concern illicit transactions involving financial networks reportedly linked to China.
An additional $750 million fine was imposed for failure to comply with anti-money laundering legislation.
According to the Treasury Department, the bank failed to prevent approximately $5 billion in suspicious financial transactions or report them to US authorities.
Separately, the Treasury’s Office of Foreign Assets Control (OFAC) reached an $11.6 million settlement with the bank over alleged sanctions violations.
OFAC said the bank committed at least 475 sanctions violations as a result of technical or human errors.
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