US hits Bank of America with $1.2 billion fine, saying it violated money laundering, sanctions laws
The U.S. Treasury Department has announced the imposition of a $1.2 billion fine on Bank of America for alleged violations of anti-money laundering and sanctions laws. This makes the fines the third-largest in Treasury's history. According to Treasury Secretary Scott Bessent, such violations by a bank of this size pose significant risks to the U.S. financial system, extending beyond the institution's own operations.
The bank has also reached a $11.6 million settlement with the department's Office of Foreign Assets Control over "apparent violations of numerous sanctions programs, including on Iran, Russia, narcotics, and global terrorism."
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