U.S. hits Bank of America with $1.2 billion fine, saying it violated money laundering and sanctions laws
Summary
The U.S. Treasury Department fined Bank of America $1.2 billion for breaking rules that prevent money laundering and violate sanctions laws. This is one of the largest fines ever imposed by the Treasury on a bank.Key Facts
- Bank of America was fined $1.2 billion by the U.S. Treasury Department.
- The fine is for violating anti-money laundering and sanctions laws.
- This fine is the third-largest in the Treasury Department’s history.
- The Treasury says such violations can put the U.S. financial system at risk.
- Treasury Secretary Scott Bessent emphasized that big banks must follow the law.
- Bank of America is the second-largest bank in the United States.
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