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.”

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[–] 45 points 7 hours ago (3 children)

I'm shocked that they are still doing these types of things. I expected the bank's executives would've been able to settle their differences with Treasury officials over a glass of wine and a few million donated to the Don's campaign fund.

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