Bank of America hit with over $1.2 billion in penalties over 475 sanctions and anti-money laundering violations

PANews October 14 news, according to Bloomberg, Bank of America was fined more than $1.21 billion by U.S. regulators over anti-money laundering and sanctions compliance issues. Among the penalties, the Office of the Comptroller of the Currency (OCC) issued a $750 million civil penalty, setting a record for the agency's related fines; the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) settlement involved 475 alleged violations of sanctions programs, with the countries involved including Russia and Iran. Regulators also issued a consent order against the bank.