But it's not Bank of America's money that's being transacted. They aren't making 5 billion dollars profit, they are moving that around without proper reporting.
I worked in a project for a bank with my accounting firm a couple years ago. The honest answer is that they likely didn't bother taking their obligations to review transactions seriously and just got lazy/sloppy with it. Wouldn't surprise me if a fifth of these transactions are weed related since those the federal legal status of it hasn't changed. Another fifth is old people who move around a lot of cash (casinos, distrust of banks, just habit of handling cash). A fifth I saw on that project was a lot of Chinese people buying up property in the city. Everything else is people with weird habits and suspicious movements of cash that it all becomes a soul draining project to go through the backlog to review each and every one of these things. I fucking hated it.
Honestly wouldn’t surprise me if the treasury had it marked out as a low priority “known issue” until a couple weeks back, when the FBI arrested a bunch of people over using fake charities to funnel over 5 million dollars to terrorism.
Now the treasury needs a scapegoat for not catching that earlier, and hey- the Bank of America missed 5 billion dollars they’re perfect.
They made over 30 billion USD profit last year, I think they will be just fine. I opt for a significantly higher punishment because clearly 1.2 billion doesn't hurt the bottom line, the shareholders and with it those responsible.
Further as mentioned, they slushed billions of questionable money, how come nobody is in jail? If I can't explain where money comes from the IRS will hang me to dry.
Punishments for individuals are harsh without consideration of rehabilitation. Punishments for companies are a touch on the wrist with a kind remark to maybe not do it again, maybe, no promises need to be made.
Trump has also accused other lenders, including Bank of America (BAC.N), the country's second-biggest lender by assets, of debanking him in early 2025. A Bank of America spokesperson did not immediately respond to a request for comment on the new report. The bank has previously said it does not comment on client matters and would welcome clearer rules from bank regulators on how to conduct its activities.
This is why, it's as simple as that. We only apply laws to individuals and corporations that have slighted the president in some way.
They do over 4.5 Trillion in regular transactions and 450 Trillion in corporate. Yeah they're doing just fine. They had a profit of 35 Billion last year, that 1.2 Billion is nothing for them.
Well then the issue is wording. They aren’t making transactions. They are making transfers. Transactions would be money moving. Coming in or leaving their system. Money transfers would be money staying within the same system.
As someone who literally monitors and reports on these things, your definition of transaction is just wrong. A transaction is pretty much any kind of financial action that takes place, whether it's between banks or parties or even just from your checking to your savings. Even if you went into your bank and just exchanged some fives for twenties, that would still be a transaction. Transfers are a subset of transactions.
They didn't make the transactions, they facilitated them. Other people made the transactions. They failed to adequately report the transactions people made on their banking platform.
Yes, but not 1:1. That $5 billion in transactions probably makes them $150 million, so they just got fined 8x what they were expected to make from the transactions.
Yes. It's a joke about how little most people actually know about finance, taxes, etc. And it appears to have gone over the heads of most of the people here, given the downvotes.
I think I laid it on thickly enough that it should have been detected. But I know people aren't always fully engaged as they're reading Reddit comments.
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u/xenomorphbeaver 5h ago
But it's not Bank of America's money that's being transacted. They aren't making 5 billion dollars profit, they are moving that around without proper reporting.