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.
Read more Fountain Valley football rebuilds confidence to snap league losing streak
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.”
Read more How to get a $4 meal at Taco Bell through the rest of October
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.”
Read more Death toll rises to 6 as Hurricane Simon and Rachel remnants unleash floods in Mexico