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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[–] 8 points 1 hour ago (1 child)

Did they actually do money laundering? Is this some kind of vendetta by the Trump administration?

I have no idea what to believe anymore!

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  • [–] 6 points 1 hour ago (1 child)

    “You didn’t give Trump/GOP a cut. Pay the fine now and we’ll take a cut of that”

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  • [–] 70 points 5 hours ago (2 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

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  • [–] 2 points 1 hour ago

    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.

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  • [–] 8 points 3 hours ago

    …but nobody goes to jail, it's just the cost of doing business

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  • [–] 24 points 4 hours ago (1 child)

    That sounds scary, until you realize it’s pocket change for BofA, and pales in comparison to the money they will make continuing to launder money.

    Because until people are in prison for these crimes, nothing will change.

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  • [–] 44 points 5 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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  • [–] 7 points 4 hours ago

    BofA used to have layoffs if they made less than $6 billion every QUARTER.

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  • [–] 6 points 5 hours ago (3 children)

    what was the thing that triggered it?

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  • [–] 1 point 4 hours ago (2 children)
  • [–] 4 points 4 hours ago* (last edited 2 hours ago)

    How much do you guys think they'll actually end up paying? My bet is 14 million.

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  • [–] 3 points 4 hours ago

    I fucking HATE BoA, good.

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