A little more than two weeks after Toronto-Dominion Bank pleaded guilty to multiple criminal charges and paid $3 billion in fines and other penalties to the Department of Justice and financial regulators for failing to monitor money laundering operations of fentanyl drug traffickers and other criminals, the investigation into suspected money laundering at major banks appears to have expanded to the US.
Bank of America revealed in a filing on Tuesday that it’s in talks with several federal regulators “in relation to certain aspects of the Corporation’s Bank Secrecy Act/anti-money laundering and sanctions compliance programs (Programs), including transaction monitoring, training, governance, and customer due diligence.”
“In cooperation with regulators, the Corporation has been, and plans to continue, implementing enhancements to these Programs. The Corporation is continuing discussions with its regulators about the Programs, and resolution of these discussions may include one or more public orders by the regulators,” BofA continued.
BofA is responding to an inquiry from the Consumer Financial Protection Bureau into electronic payments on the Zelle payment network.
“The CFPB staff has initiated discussions with the Corporation to pursue a resolution of the inquiry or file an enforcement action. The Corporation is evaluating next steps, including litigation,” the bank said