WASHINGTON — The U.S. Treasury Department said Tuesday it is fining Bank of America $1.2 billion for alleged violations of anti-money laundering and sanctions laws, the Associated Press reported.
The penalty against the nation’s second-largest bank is the third-largest in Treasury’s history. “Today’s actions send a clear message that even the biggest financial institutions are not above the law,” Treasury Secretary Scott Bessent said.
Bank of America also agreed to an $11.6 million settlement with Treasury’s Office of Foreign Assets Control over apparent violations of sanctions programs covering Iran, Russia, narcotics and global terrorism.
Sources: Associated Press via KTAR News. Thee Arizona Times uses AI-assisted reporting reviewed against the sources listed.
Photo: Raman Patel / CC BY 3.0 via Wikimedia Commons.
