The Daily Delta - Canadian AML & Financial Crime News
October 14, 2026
Featured
FinCEN
FinCEN assessed a US$1.2 billion penalty against Bank of America after the bank admitted willful Bank Secrecy Act violations involving its AML program, foreign correspondent banking due diligence and suspicious activity reporting. FinCEN found deficiencies in the bank’s transaction monitoring system contributed to more than US$5 billion in suspicious activity being missed or reported late, including roughly US$1 billion tied to priority risks such as Chinese money laundering networks, fraud and potential trade-based money laundering connected to the southwest border. A 2024 lookback identified nearly 8,900 previously missed SARs covering almost US$4 billion in activity. The OCC separately imposed a US$750 million penalty, while OFAC reached an US$11.6 million sanctions settlement.
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