OCC Imposes $750 Million Assessment Against Bank of America for Deficient BSA/AML Compliance
The Office of the Comptroller of the Currency (OCC) today announced a $750 million civil money penalty against Bank of America, N.A. (bank), for violations of the Bank Secrecy Act and its implementing regulations, including 12 CFR 21.21 and 12 CFR 21.11. This amount is the largest in OCC history.
The Office of the Comptroller of the Currency (OCC) today announced a $750 million civil money penalty against Bank of America, N.A. (bank), for violations of the Bank Secrecy Act and its implementing regulations, including 12 CFR 21.21 and 12 CFR 21.11. This amount is the largest in OCC history.
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Why it matters
The OCC's $750 million penalty against Bank of America for deficient BSA/AML compliance is the largest in OCC history and sets a significant regulatory precedent affecting compliance standards and enforcement expectations across the banking sector. This regulatory action has broad professional relevance and potential consequences for risk management and capital allocation in major banks.
Sources
OCC
OCC Imposes $750 Million Assessment Against Bank of America for Deficient BSA/AML Compliance
The Office of the Comptroller of the Currency (OCC) today announced a $750 million civil money penalty against Bank of America, N.A. (bank), for violations of the Bank Secrecy Act and its implementing regulations, including 12 CFR 21.21 and 12 CFR 21.11. This amount is the largest in OCC history.