Bank of America fined $1.2 billion by Treasury Department for anti-money laundering and sanctions laws violations - CNN

The US Treasury Department on Tuesday announced it was imposing a more than $1.2 billion fine on Bank of America, accusing the bank of violating anti-money laundering and sanctions laws. The bank, which is the second-largest in the US, failed to mitigate and report “priority national security risks, including Chinese Money Laundering Networks and illicit finance along the southwest border,” the Treasury Department said in its announcement. “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,” said Treasury Secretary Scott Bessent in a statement. “Today’s actions send a clear message that even the biggest financial institution(s) are not above the law,” Bessent added.