Senator Elizabeth Warren Urges DOJ Criminal Probe into Bank of America Over AML Violations
Senator Elizabeth Warren is calling on the Department of Justice to launch a criminal investigation into Bank of America (BAC) and its executives following the bank's admission of willful violations of federal anti-money-laundering laws. The request follows a massive $1.2 billion settlement with Treasury regulators, which Warren characterized as merely a "slap on the wrist" that fails to deter future misconduct. The regulatory action revealed that Bank of America failed to report over $5 billion in suspicious transactions, including more than $1 billion linked to high-priority national security risks such as Chinese money-laundering networks. Regulators alleged the bank prioritized revenue over compliance and relied on external referrals rather than its own internal monitoring systems. Warren has requested a response from the DOJ by November 12 regarding potential criminal proceedings.
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Topics: Anti-Money Laundering Bank Secrecy Act Banking Regulation Compliance Failures Department of Justice
Part of the story Senator Elizabeth Warren Urges DOJ Criminal Probe into Bank of America Over AML Violations (3 articles)