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Treasury fines Bank of America $1.2 billion over money-laundering failures

The Treasury Department fined Bank of America about $1.21 billion for money-laundering and sanctions violations, and the bank says the penalty will hurt its third-quarter earnings.

Posted Updated (19 d ago)

The Treasury Department announced on Tuesday that it is fining Bank of America about $1.21 billion for violating anti-money-laundering and sanctions laws. The Guardian reports the bank said the penalty will hurt its third-quarter earnings. CNBC says the bank is set to report those results.

The Hill reports that Treasury's Financial Crimes Enforcement Network (FinCEN) issued the fine. It says the bank failed to "mitigate and report priority national security risks."

The Guardian reports Treasury said the bank failed to report more than $5 billion in suspicious activity to the government. About $1 billion of that posed national security-related and other priority illicit finance risks. BBC News reports Treasury said the bank did not adequately flag transactions linked to potential Chinese money laundering networks. The New York Times reports regulators said the bank waved through suspicious transactions without proper care.

ABC News, The Guardian and PBS NewsHour say the fine is the third-largest in Treasury history. Al Jazeera calls it a record penalty, which conflicts with those reports. The New York Times headline gives the amount as $1.8 billion. The other outlets report $1.2 billion or more.

Reported by

  1. CNBCBank of America hit with more than $1.2 billion in penalties over money-laundering violationsTue, Oct 13, 4:14 PM EDT
  2. NBC NewsBank of America ordered to pay historic $1.2 billion over alleged sanctions law violationsTue, Oct 13, 4:15 PM EDT
  3. ABC NewsUS hits Bank of America with $1.2 billion fine, saying it violated money laundering, sanctions lawsTue, Oct 13, 5:17 PM EDT
  4. The HillTreasury fines Bank of America $1.2B for violating money laundering, sanctions lawTue, Oct 13, 5:45 PM EDT
  5. The New York TimesBank of America Pays $1.8 Billion Fine for Lax Money-Laundering OversightTue, Oct 13, 6:57 PM EDT
  6. Al JazeeraUS fines Bank of America $1.2bn for money laundering, sanctions violationsTue, Oct 13, 9:15 PM EDT
  7. BBC NewsBank of America hit with $1.2bn fine for money laundering failingsTue, Oct 13, 10:05 PM EDT
  8. CNBCBank of America is set to report third-quarter earnings – here’s what the Street expectsWed, Oct 14, 6:15 AM EDT
  9. The GuardianBank of America fined $1.2bn for money laundering failuresWed, Oct 14, 7:54 AM EDT
  10. PBS NewsHourU.S. hits Bank of America with $1.2 billion fine, saying it violated money laundering and sanctions lawsWed, Oct 14, 11:07 AM EDT

This story was written by AI using only the reports listed above, and published without a person reviewing it first. It is rewritten as new reports arrive. Read the original reporting for full detail. Spot an error? Tell us.

Earlier versions (4)
  1. Wed, Oct 14, 8:05 AM EDT, 8 outlets: Bank of America says $1.2 billion Treasury fine will hurt third-quarter earnings
  2. Wed, Oct 14, 12:21 AM EDT, 7 outlets: Treasury fines Bank of America $1.2 billion over money-laundering failures
  3. Tue, Oct 13, 9:31 PM EDT, 6 outlets: Bank of America fined $1.2 billion by Treasury; one outlet reports $1.8 billion
  4. Tue, Oct 13, 8:05 PM EDT, 5 outlets: Treasury fines Bank of America over $1.2 billion for money-laundering, sanctions failures