Bank Of America Settles Money Laundering Charges

Law360 (September 28, 2006, 12:00 AM EDT) -- Bank of America has agreed to pay $7.5 million to settle allegations of money laundering brought by Manhattan Attorney General Robert Morganthau.

The bank will pay a $6 million fine, and $1.5 million to cover the costs of the investigation.

Morganthau claimed that between May 2002 and April 2004, several Brazilian businesses were illegally transferring funds through an account set up by a Uruguayan money remitter.

The businesses wired over $3 billion through the account over the two-year period, using offshore shell companies to transfer the...
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