Major U.S. Bank Hit With $1.21 Billion In Penalties After Ignoring Red Flags

The Treasury Department announced more than $1.21 billion in penalties against Bank of America, the second-largest bank in the U.S., on Tuesday for anti-money laundering and sanctions violations. The enforcement actions include the largest fine in the history of the Office of the Comptroller of the Currency (OCC) and the third-largest penalty in Treasury history. According to Treasury, Bank of America prioritized revenue while minimizing compliance resources, despite mounting warning signs. Treasury said Bank of America failed to report more than $5 billion in suspicious transactions on time, including activity indicative of Chinese money laundering networks. The bank also processed...