According to the Federal Bureau of Investigation, Bank of America was the chosen enterprise that a Mexican cocaine-trafficking cartel, known as Los Zetas, used to launder money through and invest illegal drug-trade proceeds in U.S. horse racing.
As reported by the Wall Street Journal, the FBI filed a 35-page affidavit in federal court in Texas last month. The report states that a U.S. citizen – who is also the brother of a Zetas leader – allegedly moved money in and out of multiple accounts, including one personal checking account.
"We have robust anti-money laundering processes and procedures that comply with regulatory and legal requirements," said a Bank of America spokesperson in the news article. "When we become aware of suspicious activity conducted through customer accounts, we take immediate action and report it to the appropriate authorities."
Bank of America has not been accused of any illegal actions and has been fully cooperating with authorities, said sources close to the case.
This, however, is not the first time that the bank has been connected with suspicious activity. Between 2004 and 2007, the organization was the alleged destination for nearly $10 million in illicit funds from a political family in Equatorial Guinea.
Even if a company does not knowingly participate in illegal activities, reputations can still be harmed from connection alone. As such, businesses and organizations would be wise to partner with a business continuity consultant who can prep all employees on proper protocol and procedure in case negative press begins to form.
The aftermath of such occurrences are vital to the continued successes of a company. If all employees know how to act and what to say to individuals outside the business, recovery will happen much sooner.