Treasury fines Bank of America $1.2B for violating money laundering, sanctions law
Summary
The U.S. Treasury Department fined Bank of America over $1.2 billion for breaking rules about preventing money laundering and following sanctions. The bank did not properly address or report risks related to national security.Key Facts
- The Treasury Department announced the fine on a Tuesday.
- Bank of America is the second-largest bank in the U.S.
- The fine totals more than $1.2 billion.
- The violation relates to anti-money laundering laws and sanctions laws.
- Bank of America failed to reduce and report serious national security risks.
- The penalty was issued by the Treasury’s Financial Crimes Enforcement Network (FinCEN).
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