OCC Fines Bank of America $750M in Record BSA Penalty
Federal regulators hit Bank of America with a historic $750 million fine for Bank Secrecy Act compliance failures, the largest such penalty in OCC history.
The Office of the Comptroller of the Currency levied a $750 million civil money penalty against Bank of America, N.A., marking the largest assessment ever imposed by the agency, federal regulators announced Tuesday.
The penalty stems from violations of the Bank Secrecy Act and its implementing regulations, specifically 12 CFR 21.21 and 12 CFR 21.11, which govern anti-money laundering program requirements and suspicious activity reporting obligations for national banks.
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The fine surpasses all previous OCC civil money penalties and signals an intensified federal posture toward deficient Bank Secrecy Act and anti-money laundering compliance frameworks at major financial institutions. BSA/AML violations carry heightened regulatory scrutiny because gaps in compliance can allow illicit funds to move through the banking system undetected.
Bank of America, one of the largest financial institutions in the United States, is subject to OCC supervision as a nationally chartered bank. Civil money penalties of this scale typically accompany formal enforcement orders requiring institutions to overhaul internal compliance controls, though the OCC's announcement focused on the monetary assessment itself.
Continue reading at OCC News.
