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Economy

Bank of America ordered to pay $1.2 billion over sanctions and money laundering violations

The Treasury Department said Bank of America willfully violated the Bank Secrecy Act and failed to report suspicious transactions.

Compiled by Stancr from 4 articles by 4 outletsPublished Updated 0 comments

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4 articles from rated outlets · 0 wire/unrated
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  • Right 3
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  • Conspiracy right 0
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What we know

  • The Treasury Department ordered Bank of America to pay $1.2 billion for violating anti-money laundering and sanctions laws.
  • The penalty includes a $750 million fine from the Office of the Comptroller of the Currency, the largest in its history.
  • The Treasury Department said Bank of America admitted it willfully violated the Bank Secrecy Act.
  • The Treasury Department said the bank failed to timely report over $5 billion in suspicious transactions.
  • The bank reached a separate $11.6 million settlement with the Office of Foreign Assets Control over 475 apparent sanctions violations.
Summarised from 4 reports across 2 perspectives.

How it's being told

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Lead image from NBC News (Politics)NBC News (Politics)
Left

Says even the biggest banks are not above the law

NBC News (Politics): Bank of America ordered to pay historic $1.2 billion over alleged sanctions law violations

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Left-leaning outlets report the fine as a record enforcement action, stressing that regulators said the bank willfully violated the law and that the penalty sends a message that large institutions face consequences.

How they tell it · 1 article
Who's in this lane

Mainstream liberal outlets such as CNN, MSNBC, NPR and The Washington Post. Usually focuses on who is affected, climate, public institutions and criticism of the Trump administration.

The opposite side says

Right: Highlights Bank of America ignoring red flags

Lead image from NBC News (Politics)NBC News (Politics) · story photo
Right

Highlights Bank of America ignoring red flags

The Daily Wire: Major U.S. Bank Hit With $1.21 Billion In Penalties After Ignoring Red Flags

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Right-leaning outlets focus on the bank prioritizing revenue over compliance, citing Treasury findings that it ignored warning signs and failed to report suspicious transactions tied to China, Iran, Russia and the southwest border.

How they tell it · 3 articles
Who's in this lane

Mainstream conservative outlets such as Fox News, the Washington Examiner and the New York Post. Usually focuses on costs, security, government overreach and Democratic policy.

The opposite side says

Left: Says even the biggest banks are not above the law

Where readers stand

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4 articles from 4 outlets

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The debate

Should Bank of America face additional penalties beyond the $1.2 billion fine?

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