AI Image
U.S. hits Bank of America with $1.2 billion fine, saying it violated money laundering and sanctions laws
PBS • • business
Key Points:
- The U.S. Treasury Department is imposing $1.2 billion in fines on Bank of America for violations of anti-money laundering and sanctions laws, marking the third-largest penalty in the department's history.
- Bank of America also agreed to an $11.6 million settlement with the Treasury’s Office of Foreign Assets Control for violations related to sanctions on Iran, Russia, narcotics, and terrorism.
- The $1.2 billion penalty includes a record $750 million fine from the U.S. Office of the Comptroller of the Currency, and Bank of America admitted to willfully violating the 1970 Bank Secrecy Act.
- Treasury Secretary Scott Bessent emphasized that the penalties send a clear message that even major financial institutions are not above the law, highlighting risks posed to the U.S. financial system by compliance failures.
- Bank of America stated it has invested heavily in technology and personnel to combat financial crime and is committed to addressing the regulatory issues raised.
