@bannonswarroom.us: Bank of America is facing more than $1.2 billion in penalties after U.S. regulators uncovered serious failures in its safeguards against money laundering and suspicious financial activity. The enforcement action was announced Tuesday, October 13, making it one of the largest penalties of its kind in U.S. Treasury Department history. Regulators say the banking giant failed to properly monitor trillions of dollars in transactions and neglected to report more than $5 billion in suspicious activity. Some of the transactions were potentially linked to Chinese money-laundering networks, narcotics trafficking, and fr\*ud. Authorities also identified more than $1 billion in transactions involving national security concerns and other high-priority financial risks. But the problem allegedly went deeper than missed warnings. Regulators said the bank's monitoring systems, customer checks, and internal oversight were inadequate. They also accused the institution of allowing suspicious transactions to remain uninvestigated for extended periods while prioritizing revenue over compliance resources. The Financial Crimes Enforcement Network imposed a $1.2 billion penalty, while the Office of the Comptroller of the Currency announced an additional $750 million penalty that will be credited against the first assessment rather than added to it. A separate $11.6 million sanctions settlement brings the total penalties to more than $1.21 billion. Bank of America acknowledged the seriousness of financial crime compliance and said it had invested billions in technology and assigned thousands of employees to address the problems. The bank also said the penalty would reduce its third-quarter net income by approximately 17 cents per share. The case sends a powerful message: even the biggest banks can face major consequences when financial safeguards fail. \#BankOfAmerica #FinancialNews #MoneyLaundering #BankingNews #breakingnews

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Wednesday 14 October 2026 20:00:00 GMT