US hits Bank of America with $1.2B fine

arm32

And this wasn't on my bingo card.

skinfaxi

> Treasury said that Bank of America “admits that it willfully violated’’ the 1970 Bank Secrecy Act, which requires banks to help the government detect and prevent money laundering. But then goes on to talk about Binance? Kinda side-stepping the meat of the issue here..

llama052

Slap on the wrist unless someone is held criminally liable for it.

ChrisArchitect

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

jst1fthsdys

They didn’t pay a bribe. Tsk tsk.

timoth3y

Someone - an actual human person - needs to face criminal charges for these kinds of crimes. The standard response is that it's too hard to determine exactly who is responsible since many people are involved and everyone is just doing their jobs and only sees a piece of it. But that's not true, the police could start with whoever received bonuses for their work on the projects in question. After all, that's who the company thinks is responsible for it. Of course that's just a starting point. Many people might have received bonuses and have had no idea what was going on. Some might have even raised concerns internally. They could share those emails and documents with the police investigators and easily clear themselves. These corporations aren't the mafia. No one is going to spend five years in prison to protect their manager.

NDlurker

AML/KYC is oppression

crest

Is someone late on their bribes?