Bank of America hit with $1.2B fine for money laundering, sanctions violations

The US 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.”Treasury said Bank of America also reached an $11.6 million settlement with the department’s Office of Foreign Assets Control over “apparent violations of numerous sanctions programs, including on Iran, Russia, narcotics, and global terrorism.”This is a developing story.Please check back for updates....