U.S. Treasury Announces Record Enforcement Actions Against Bank of America

lasky

“The bank's BSA Officer and staff lacked sufficient skills and expertise to effectively manage the bank's BSA/AML program." That's extraordinary language from a federal regulator.

k12sosse

You'd think after TDs 3 billy they'd go higher. Probably hurt their own investments too much?

jacobo37

so BoA made $12B and has to pay a 10% fine? bummer, that ...

ChrisArchitect

Some more discussion: https://news.ycombinator.com/item?id=50080613

2OEH8eoCRo0

> Chinese Money Laundering Networks and illicit finance along the southwest border.

yieldcrv

> with over $1 billion of this activity implicating national security-related and other priority illicit finance risks periodic reminder that 9/11 only cost around $200,000 to pull off the pretext for these laws and the penalties behind them are completely undermined by decades of billion dollar non-compliant money movements all of that money is clean now and in the system earning interest. If terror and organized crime was intended to be caught at these transaction moments, at $10bn cleared that means 50,000 9/11 scale attacks are possible with domesticated clean money that would never be caught in this dragnet on everyone else. That's before decades of interest or investment into this economy. I think the bank’s lackadaisical view of this is an accurate and rational response. Even the best compliance to the bank secrecy act is undermined by simply using someone else’s social security number or employer identities number to make the account.