WASHINGTON (AP) — The U.S. Treasury Department said Tuesday that it’s imposing $1.2 billion in fines on Bank of America for allegedly violating anti-money laundering and sanctions laws.
The fines on America’s second-biggest bank amount to the third-largest in the department’s history.
“When a bank of this size fails to meet its anti-money laundering and sanctions obligations, the consequences extend far beyond its own walls, exposing the entire U.S. financial system to significant illicit finance risks,” Treasury Secretary Scott Bessent said in a statement. “Today’s actions send a clear message that even the biggest financial institutions are not above the law.”
Oh, I get it. They refused trump back in the day and now the revenge part is kicking in. Banks are kind of grifty too so…
My memory doesn’t seem to go back that far. Where did they refuse Trump?
Don’t know about Bank of America, but Capital One closed 385 of his accounts under suspicion of money laundering. Not sure when.
Trump didn’t get his cut.
Seeing as how the US is also sanctioning the ICC, who who fucking knows what this is.
Coming from Bessent, I don’t believe a word. It’s probably somebody’s personal vendetta or extortion, the only question is who.
At a quick guess? This is coming for other banks too to make room for TrumpBank.
so they didn’t do something Trump wanted, and they are paying the price. bonus: message to other banks.
Whooptie Do.
That fine represents 1% of last year’s gross profit, which was $119.237B.
Source: https://www.macrotrends.net/stocks/charts/BAC/bank-of-america/gross-profit
The bank wasn’t narcing on people often enough for what other people do with their money, while Trump just throws it in everyone’s face that he’s doing shady shit to steal and make money.
Crime DOES pay???
They lied about that too???
Ooh, for businesses, not for people.
I thought businesses WERE people.
Ooh, only when it’s convenient. What do you call THAT law?
Not making excuses, but gross profit doesn’t account for a bunch of other business expenses. Yearly net profit is more like $30B. That makes the fine ~4%.
The profits are still criminally high and the fine is criminally low, but it should be compared to net.
If directors were jailed then we would see some action. As it is it’s a business expense.
I think that the fine should represent the actual profit over the lifetime of the offence with a penalty surcharge.
That way the fine represents “crime doesn’t pay”, rather than “crime penalties are a rounding error”.
Did they actually do money laundering? Is this some kind of vendetta by the Trump administration?
I have no idea what to believe anymore!
I briefly worked on AML systems at a larger bank than BOFA.
Yeah, money laundering is a constant whackamole and occurs constantly. We caught like 40% ish in real time, another 20-30% with look backs, the rest were probably never noticed.
Why BOFA now? Probably political or a regulator got their butt hurt.
I work for a large national bank too. Probably slightly smaller than BOA but I deal with OFAC and Sanctions regularly (in relation to real estate ownership).
BOA knows better so either they thought they could get away with something or it’s some kind of targeted attack by Trump Admins.
I do know of examples where a banking exec did something shady bc they thought they could get away with it.
I actually had someone recently submit AI altered photos as evidence of required property repairs. I guarantee that wasn’t the first time we received AI images or paperwork but probably the first time we noticed.
This is a signal by the Trump admin that they’re not laundering enough
dont you mean laundering money to and for trump.
Honestly, at this point, I would not be shocked if this is some weird and fucked up Rube Goldberg money laundering scheme involving all the major parties (plus orangeboi and/or members of his inner circle and the regime), because that’s just kinda par for the course these days here
if trump condemns it… your know whatever is being condemned is truth, ethical, moral, and takes a stand against rape.
Not necessarily - they may just not have genuflected quickly enough, or refused him for their own ends
¿Por qué no los dos?
they probably didn’t close enough accounts for having “CIP” errors
Wow… charged with Laundering money because you refused to launder Trump’s money… and my bingo card is full. time to write up another one of non-repeating bulkshit Hitler Junior does.
I’m shocked that they are still doing these types of things. I expected the bank’s executives would’ve been able to settle their differences with Treasury officials over a glass of wine and a few million donated to the Don’s campaign fund.
This is how he tells them (and everyone watching) they haven’t been donating enough.
Dammit. You’re right.
They hardly ever actually pay these fines. They’ll make one or two payments, then stop, and nothing happens.
That sounds scary, until you realize it’s pocket change for BofA, and pales in comparison to the money they will make continuing to launder money.
Because until people are in prison for these crimes, nothing will change.
Like all the Panama papers people!
“You didn’t give Trump/GOP a cut. Pay the fine now and we’ll take a cut of that”
No, no: this is the payola.
…but nobody goes to jail, it’s just the cost of doing business
BofA used to have layoffs if they made less than $6 billion every QUARTER.
I fucking HATE BoA, good.
what was the thing that triggered it?
Money laundering?
so there is this other article about finding a thing about scamming NK into programmer jobs and Im kinda wondering if this is the laundering that boa did not do dilegence on.
That’s wild!
How much do you guys think they’ll actually end up paying? My bet is 14 million.
