Treasury Secretary Scott Bessent stated that the action demonstrates that even the largest institutions are not above the law
The Treasury Department has slapped Bank of America with $1.2 billion in fines for anti-money laundering and sanctions law violations.
The penalty ranks as the third-largest in the department’s history. The largest was a $4 billion settlement with cryptocurrency exchange Binance in 2023.
The Treasury says BofA admitted to failing to mitigate and report key national security threats, such as Chinese money laundering networks and illicit financing along the US southwest border.
Treasury Secretary Scott Bessent stated that the action demonstrates that even the largest institutions are not above the law.