Posted by Ravenlocke
(here)
Mario Nawfal
🇺🇸 Treasury hit Bank of America with MORE THAN $1.21B in penalties for failing to stop money laundering
FinCEN, the main anti-money-laundering unit, assessed $1.2B, the OCC added a record $750M credited toward the total, and OFAC settled for $11.6M over sanctions violations involving Iran, Russia, and others.
The bank admitted it willfully broke anti-money-laundering rules and failed to report more than $5B in suspicious transactions on time, including over $1B linked to Chinese money-laundering networks.
The penalty lands 1 day before the bank’s earnings report and follows a 2024 order to fix the same problems.
The size of the miss is what stands out.
Source: Treasury Dept. / Writer: Lucas
https://x.com/MarioNawfal/status/2110167452135141691
Although it is xenophobic to assume that all Chinese are crooks, I have seen what I regard as a pattern. Since China has very strictly applied controls, Chinese people who want to engage in all sorts of things they cannot do at home go abroad and look for a country with weaknesses. Fix the weaknesses in your own country and they will move elsewhere, so the crooks move on instead of giving up on their activities, but I do think the US should put up a big sign that says 'Not Allowed Here' and then act on strict regulations.