Warren calls Treasury fine of Bank of America a ‘slap-on-the-wrist’
Summary
Senator Elizabeth Warren criticized the Treasury Department’s $1.2 billion fine on Bank of America, saying the penalty was too small. She said the bank did not have a proper anti-money laundering program for many years.Key Facts
- The Treasury Department fined Bank of America $1.2 billion.
- The fine relates to failures in anti-money laundering controls.
- Senator Elizabeth Warren is the top Democrat on the Senate Banking Committee.
- Warren described the fine as a “slap-on-the-wrist,” meaning it was too mild.
- The fine aims to address the bank’s weaknesses in stopping illegal money flows.
- The Treasury Department announced the penalty publicly.
- The issue concerns how banks monitor and prevent money laundering activities.
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