US Treasury fines Bank of America 1.2 billion dollars

The United States Treasury Department announced on Tuesday that it has fined Bank of America 1.2 billion dollars for violating anti money laundering and sanctions laws. Al Jazeera, the New York Post, and the South China Morning Post all reported the financial penalty. Al Jazeera noted the total penalties exceed 1.21 billion dollars. [1][3][6]

The fine marks the third largest penalty in the history of the Treasury Department, according to Al Jazeera, the New York Post, and the South China Morning Post. CNBC reported that the Treasury Department announced the enforcement action less than a day before Bank of America presents its quarterly earnings report. [1][3][6][7]

Treasury Secretary Scott Bessent stated that failing to meet these obligations exposes the financial system of the United States to significant illicit finance risks, as reported by the New York Post. Anti money laundering laws are designed to help financial institutions prevent, detect, and report financial crimes. [1][3][12]