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Feds Say Bank Of America Choked Conservatives’ Accounts Harder Than Drug Cartels’

Large banks applied scrutiny to politically disfavored but lawful customers while permitting substantial volumes of activity linked to illicit networks to go unreported for years.

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The United States Treasury has fined Bank of America (BoA) over $1.2 billion for failing to meet anti-money laundering and sanctions requirements. This is the largest penalty ever imposed by the Office of the Comptroller of the Currency (OCC), which supervises BoA, and ranks among the three largest in the history of the Treasury.

Treasury determined that, from 2018 to 2025, the bank willfully neglected fundamental Bank Secrecy Act requirements. BoA’s anti-money laundering program was inadequate, and it significantly delayed filing Suspicious Activity Reports. Regulators described a pattern in which revenue considerations took precedence and compliance resources were constrained, allowing suspicious activity to remain unexamined for prolonged periods. 

Consequently, the bank failed to report more than $5 billion in transactions in a timely manner. Over $1 billion of that volume involved elevated national-security risks, including activity consistent with Chinese money-laundering networks, fraud schemes, and trade-based movements with a clear connection to the southern border. Treasury noted that the bank did not promptly flag suspicious activities, including patterns consistent with Chinese money-laundering networks, such as large wires to China, unusual credit card activity, and trade-based schemes.

The fine imposed on BoA is part of the U.S. Treasury’s broader effort to combat Chinese money-laundering networks, which have emerged as a principal channel for moving proceeds generated by Mexican cartels, including those trafficking fentanyl.

These networks typically pair U.S. cash........

© The Federalist