US hits Bank of America with $1.2 billion fine, saying it violated money laundering, sanctions laws
Summary
The U.S. Treasury Department fined Bank of America $1.2 billion for breaking laws designed to stop money laundering and sanctions violations. This is one of the largest fines in the department's history and involves serious failures to report illegal financial activities.Key Facts
- Bank of America was fined $1.2 billion by the U.S. Treasury Department.
- The fine is the third-largest in Treasury history.
- The bank admitted to willfully breaking the 1970 Bank Secrecy Act.
- The violations include failure to report issues related to Chinese money laundering and illegal activities along the U.S. southwest border.
- Bank of America also settled for $11.6 million for breaking sanctions on countries like Iran and Russia.
- $750 million of the fine will go to the U.S. Office of the Comptroller of the Currency, marking its largest ever penalty.
- Treasury Secretary Scott Bessent said even large banks must follow financial laws to protect the U.S. financial system.
- Bank of America said it is investing money and staff to improve its efforts against financial crimes.
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