Financial institutions are supposed to reduce money laundering risk. But sometimes they don’t.
The Financial Crimes Enforcement Network (FinCEN), the Office of the Comptroller of the Currency (OCC), and the Office of Foreign Assets Control (OFAC) fined Bank of America for numerous violations of anti-money laundering laws. The agencies found that the bank was guilty of the following:
- A “failure to mitigate and report priority national security risks, including Chinese Money Laundering Networks and illicit finance along the southwest border.”
- A “deficient and ineffective BSA/AML (anti-money laundering) compliance program.”
- “[A]pparent violations of numerous sanctions programs, including on Iran, Russia, narcotics, and global terrorism.”
It all boils down to “Know Your Customer.” If you don’t know who is doing business at your financial institution, you’re in trouble. You could promote illegal efforts from China, Iran, Russia, terrorists, and drug dealers.
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