WASHINGTON (AP) — The U.S. Treasury Department said Tuesday that it’s imposing $1.2 billion in fines on Bank of America for allegedly violating anti-money laundering and sanctions laws.
The fines on America’s second-biggest bank amount to the third-largest in the department’s history.
“When a bank of this size fails to meet its anti-money laundering and sanctions obligations, the consequences extend far beyond its own walls, exposing the entire U.S. financial system to significant illicit finance risks,” Treasury Secretary Scott Bessent said in a statement. “Today’s actions send a clear message that even the biggest financial institutions are not above the law.”
Did they actually do money laundering? Is this some kind of vendetta by the Trump administration?
I have no idea what to believe anymore!
This is a signal by the Trump admin that they’re not laundering enough
dont you mean laundering money to and for trump.
I briefly worked on AML systems at a larger bank than BOFA.
Yeah, money laundering is a constant whackamole and occurs constantly. We caught like 40% ish in real time, another 20-30% with look backs, the rest were probably never noticed.
Why BOFA now? Probably political or a regulator got their butt hurt.
I work for a large national bank too. Probably slightly smaller than BOA but I deal with OFAC and Sanctions regularly (in relation to real estate ownership).
BOA knows better so either they thought they could get away with something or it’s some kind of targeted attack by Trump Admins.
I do know of examples where a banking exec did something shady bc they thought they could get away with it.
I actually had someone recently submit AI altered photos as evidence of required property repairs. I guarantee that wasn’t the first time we received AI images or paperwork but probably the first time we noticed.
Honestly, at this point, I would not be shocked if this is some weird and fucked up Rube Goldberg money laundering scheme involving all the major parties mentioned in the article (plus orangeboi and/or members of his inner circle and the regime), because that’s just kinda par for the course these days here
if trump condemns it… your know whatever is being condemned is truth, ethical, moral, and takes a stand against rape.
Not necessarily - they may just not have genuflected quickly enough, or refused him for their own ends
¿Por qué no los dos?
they probably didn’t close enough accounts for having “CIP” errors