KATHMANDU: The U.S. Department of the Treasury has fined Bank of America more than $1.21 billion for failing to report suspicious transactions on time and for failing to control money laundering.

The U.S. Treasury Department has fined Bank of America, the second-largest bank, more than $1.21 billion for violating anti-money laundering laws.

According to the U.S. Department of Finance, the Financial Crimes Control Network fined the bank $1.2 billion and the Currency Comptroller’s Office fined it $750 million. Similarly, the Foreign Assets Control Office has signed a $11.6 million settlement with the bank for possible violations of various sanctions programs.

According to the Financial Crimes Control Network’s investigation, the bank did not report suspicious transactions worth more than $5 billion in a timely manner. More than $1 billion of these transactions were related to national security risks, the Chinese money laundering network, fraud, and possible illicit financial activity linked to the U.S. Southwest border.

The investigation found that the bank failed to improve the suspicious transaction detection and reporting system, did not conduct the necessary investigations of customers, and showed weaknesses in monitoring the accounts of foreign financial institutions. U.S. officials also concluded that the bank prioritized income over improving the system for meeting its legal obligations.

https://home.treasury.gov/news/press-releases/sb0657/