Bank of America fined $1.2 billion by US Treasury for money laundering violations

The US Treasury has hit Bank of America with $1.2 billion in fines for breaching anti-money laundering and sanctions laws, marking the third-largest penalty in the department's history.

US Treasury imposes $1.2 billion penalty on Bank of America

The US Treasury Department announced on Tuesday that it is fining Bank of America $1.2 billion for alleged violations of anti-money laundering and sanctions laws, gulfnews.com reports. The penalty ranks as the third-largest in the department's history.

Treasury Secretary Scott Bessent said in a statement: "When a bank of this size fails to meet its anti-money laundering and sanctions obligations, the consequences extend far beyond its own walls, exposing the entire US financial system to significant illicit finance risks." Bessent added that the action sends "a clear message that even the biggest financial institutions are not above the law."

Bank of America, America's second-largest bank, also reached a separate $11.6 million settlement with the Treasury's Office of Foreign Assets Control. That settlement covers apparent violations across multiple sanctions programmes, including those related to Iran, Russia, narcotics, and global terrorism.

Source: Google News UAE — Courts & Fraud