Bank of America was hit with a massive $1.2 billion fine over anti-money laundering violations. The Treasury Department announced the record enforcement against Bank of America on Tuesday afternoon: The Financial Crimes Enforcement Network (FinCEN) assessed a $1.2 billion penalty for the Bank’s failure to mitigate and report priority national security risks, including Chinese Money Laundering Networks and illicit finance along the southwest border. The OCC assessed a $750 million civil money penalty for the Bank’s deficient and ineffective BSA/AML (anti-money laundering) compliance program. The Office of Foreign Assets Control (OFAC) announced an $11.6 million settlement agreement with the Bank…
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