Meanwhile: Bank of America $1.2B+ AML Violations (Oct 13, 2026) U.S. Treasury (Fincen, occ, ofac) hit Bank of America with $1.21 billion in penalties for willful Bank Secrecy Act (BSA)/anti-money laundering failures and sanctions violations.
Key violations: Failed to maintain an effective AML program meeting minimum BSA requirements. Failed to conduct required due diligence on correspondent accounts for foreign financial institutions. Failed to timely file Suspicious Activity Reports (SARs).
Impact: Bank of America did not timely report over $5 billion in suspicious transactions (period ~2018–2025). More than $1 billion involved priority national-security risks, including: Chinese Money Laundering Networks Fraud Potential trade-based money laundering linked to the U.S. southwest border
Deficient transaction monitoring left trillions of dollars poorly scrutinized. Late SARs often showed money-laundering indicators. Management minimized known deficiencies even after a 2024 OCC cease-and-desist order. The bank also over-relied on external tips rather than internal controls and prioritized revenue in compliance design.
And of course, no prosecution of any Bank of America employee.
“In The Bahamas, the ability to do that is not where it needs to be, because you can’t use your private vehicle to transport persons,” he said. “You, as a private citizen who has a vehicle that has regular passenger insurance, you cannot use that vehicle." What a silly comment! Any Uber driver must have specific insurance that covers commercial use. What the taxicab Union dislikes is that Uber has standards regarding the type and age of vehicle used, which does not sit well with the taxi drivers and their derelict vehicles.
Question: Why don't these Bahamian professionals start their own company in the financial services industry? They would certainly benefit from lower costs, not having to pay for work permits and expat benefits. What other financial centre depends solely on foreign institutions? This is not a healthy industry.
Proguing says...
Why don't we ever hear them calling for a reduction in fares when the price of gas goes down?
On Jitney shut-down threat unless adult fares raised to $2.00
Posted 15 October 2026, 3:26 p.m. Suggest removal
Proguing says...
Meanwhile: Bank of America $1.2B+ AML Violations (Oct 13, 2026) U.S. Treasury (Fincen, occ, ofac) hit Bank of America with $1.21 billion in penalties for willful Bank Secrecy Act (BSA)/anti-money laundering failures and sanctions violations.
Key violations:
Failed to maintain an effective AML program meeting minimum BSA requirements.
Failed to conduct required due diligence on correspondent accounts for foreign financial institutions.
Failed to timely file Suspicious Activity Reports (SARs).
Impact:
Bank of America did not timely report over $5 billion in suspicious transactions (period ~2018–2025).
More than $1 billion involved priority national-security risks, including:
Chinese Money Laundering Networks
Fraud
Potential trade-based money laundering linked to the U.S. southwest border
Deficient transaction monitoring left trillions of dollars poorly scrutinized. Late SARs often showed money-laundering indicators. Management minimized known deficiencies even after a 2024 OCC cease-and-desist order. The bank also over-relied on external tips rather than internal controls and prioritized revenue in compliance design.
And of course, no prosecution of any Bank of America employee.
On Bahamas in terror reforms just days before inspection
Posted 15 October 2026, 3:14 p.m. Suggest removal
Proguing says...
These statistics are pretty useless unless they state how many prosecutions and convictions resulted from these STRs.
On FIU sees 50% surge in suspicious transactions
Posted 15 October 2026, 2:55 p.m. Suggest removal
Proguing says...
Now I know why my BPL bill is so high!
On $20m overtime ‘unacceptable’
Posted 14 August 2026, 2:36 p.m. Suggest removal
Proguing says...
About the latest efforts aimed at “the rebirth of downtown Reno” in Nevada:
https://mikesrenoreport.substack.com/p/…
https://www.reddit.com/r/Reno/comments/…
On Eleuthera project to be ‘game changer’
Posted 7 April 2026, 2:04 p.m. Suggest removal
Proguing says...
BYD has been here for eight years, and the quality of its vehicles is better than that of US vehicles.
On ‘Bloodbath’ fears overauto market saturation Body
Posted 20 March 2026, 3:03 p.m. Suggest removal
Proguing says...
“In The Bahamas, the ability to do that is not where it needs to be, because you can’t use your private vehicle to transport persons,” he said. “You, as a private citizen who has a vehicle that has regular passenger insurance, you cannot use that vehicle." What a silly comment! Any Uber driver must have specific insurance that covers commercial use. What the taxicab Union dislikes is that Uber has standards regarding the type and age of vehicle used, which does not sit well with the taxi drivers and their derelict vehicles.
On Uber proposal ‘soundly rejected’ by taxi union
Posted 29 January 2026, 3:05 p.m. Suggest removal
Proguing says...
.
On Members of the Bahamas Taxi Cab Union held a demonstration outside Margaritaville downtown on Octobe
Posted 29 January 2026, 3:03 p.m. Suggest removal
Proguing says...
Question: Why don't these Bahamian professionals start their own company in the financial services industry? They would certainly benefit from lower costs, not having to pay for work permits and expat benefits. What other financial centre depends solely on foreign institutions? This is not a healthy industry.
On Bahamians ‘being driven out of financial services’
Posted 5 December 2025, 5:12 p.m. Suggest removal
Proguing says...
In this case, the investment never got off the ground. What happened to the money?
On Nearly 900 to lose entire Red Lobster investment
Posted 4 November 2025, 5:40 p.m. Suggest removal