WASHINGTON: The US Treasury Department said on Tuesday that it was imposing penalties of more than US$1.2 billion on Bank of America, citing "violations of anti-money laundering and sanctions laws".
The second-biggest US bank failed to properly report more than US$5 billion in "suspicious transactions", the department said.
Some of these involved national security risks and other concerns, including transactions "indicative of Chinese money laundering networks" and illicit finance around the southwest US border.
The overall charge involves US$1.2 billion assessed by the Treasury Department's Financial Crimes Enforcement Network. This includes a US$750 million civil penalty from a key bank regulator, the Office of the Comptroller of the Currency (OCC).
