WASHINGTON (AP) — The U.S. Treasury Department said Tuesday that it’s imposing $1.2 billion in fines on Bank of America for allegedly violating anti-money laundering and sanctions laws.

The fines on America’s second-biggest bank amount to the third-largest in the department’s history.

“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 U.S. financial system to significant illicit finance risks,” Treasury Secretary Scott Bessent said in a statement. “Today’s actions send a clear message that even the biggest financial institutions are not above the law.”

you are viewing a single comment's thread
view the rest of the comments
[–] 86 points 12 hours ago (4 children)

Whooptie Do.

That fine represents 1% of last year's gross profit, which was $119.237B.

Source: https://www.macrotrends.net/stocks/charts/BAC/bank-of-america/gross-profit

  • source
  • hideshow 4 child comments
  • [–] 10 points 8 hours ago (1 child)

    Not making excuses, but gross profit doesn't account for a bunch of other business expenses. Yearly net profit is more like $30B. That makes the fine ~4%.

    The profits are still criminally high and the fine is criminally low, but it should be compared to net.

  • source
  • parent
  • hideshow 1 child comment