US Fines Bank of America $1.2 Billion Over Compliance and Sanctions Failures
The United States government penalized the bank for alleged sanctions violations and lax oversight of suspicious financial activity.
The United States government has fined Bank of America $1.2 billion, the Reuters news agency and NBC News reported. According to NBC News, the financial penalty was ordered over alleged violations of sanctions laws.
According to German newspaper Handelsblatt, US authorities determined that the bank's internal controls, including measures against money laundering, were insufficiently strict. Reuters noted that the fine was imposed due to failures to monitor and police suspicious financial activity.
Further details have not yet been released.
Sources: Reuters, Handelsblatt, NBC News
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