UNBELIEVABLE: Fincen - The Untold Story

Bank of America Hit With a $1.2 Billion Penalty: What Regulators Say Went Wrong

A bank can flag a suspicious transaction, investigate it, and alert federal authorities. But what happens when the system designed to catch financial crime fails to do its job? Bank of America now faces a $1.2 billion penalty from the federal government after regulators identified serious failures in its anti-money…

The Free Financial Advisor · Oct 25

The Feds Took $460,000 From This Arizona Convenience Store Owner and Never Explained Why

Mario Ayala is seeking the return of his property, which federal agents seized more than a year and a half ago for reasons that remain mysterious.

Reason · Oct 21

Bank of America's $1.2 Billion Fine: The Compliance Failures That Were Years in the Making

Bank of America faces a $1.2 billion federal fine for letting $5 billion in suspicious transactions go unreported, ending its six-quarter earnings streak.

Latin Times · Oct 15

US hits Bank of America with $1.2 billion fine, says it violated money laundering, sanctions laws

The US Treasury Department announced a $1.2 billion fine against Bank of America for violating anti-money laundering laws. This penalty marks the third-largest ever imposed by the department in its history. Alongside this fine, Bank of America settled for $11.6 million over sanctions violations related to various programs. The bank…

The Economic Times · Oct 14

Bank of America Hit With $1.2 Billion Fine Over Failure to Report $5 Billion in Suspicious Transactions

Bank of America faces over $1.21 billion in US penalties after regulators found anti-money laundering failures and delayed reporting of suspicious activity.

International Business Times UK · Oct 13

Treasury Backs Down on Biden-Era Cryptocurrency Surveillance Proposal

It’s a small victory for financial privacy against escalating surveillance.

Reason · Oct 9

Moving $50,000 Between Your Own Bank Accounts? Here’s What Can Trigger a Fraud Review

Moving $50,000 from one bank account you own to another does not automatically make you suspicious. It can, however, make a bank’s fraud and compliance systems pay closer attention to the transaction.

The Free Financial Advisor · Oct 7

Do banks report deposits over $10,000 to the IRS? What really happens when you cross the cash reporting threshold

A cash deposit exceeding $10,000 in a single day triggers an automatic report to the federal government. Financial institutions do not make this decision based on suspicion or branch policy. The Bank Secrecy Act mandates it. When an individual or business deposits large sums of physical currency, the bank must…

The Economic Times · Sep 28

Banks Flagged $17.5 Billion in Activity Tied to Possible Health Care Fraud, with Home Health Named Most Often

Financial institutions flagged about $17.5 billion in activity possibly tied to health care fraud, most often naming home health firms. What families can check.

Medical Daily · Sep 11

The Feds Are Spying on Your Bank Account

While the Treasury forces money changers to report on suspected immigrants, Homeland Security is having police pull people over for suspicious transactions.

Reason · Sep 9