Bank of America hit with $1.21B fine for AML failures

US regulators penalized Bank of America $1.21 billion for deficiencies in anti-money laundering controls and violations of sanctions requirements. The enforcement action underscores ongoing regulatory pressure on major financial institutions to strengthen compliance infrastructure and transaction monitoring systems.

The fine reflects lapses in the bank's ability to detect and report suspicious activity, as well as failures to properly implement sanctions screening protocols across its operations.

Site · Follow