Bank of America fined $1.2B over money laundering violations

The Treasury Department is fining Bank of America $1.2 billion for allegedly violating anti-money laundering and sanctions laws.

“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.”

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