The US Treasury Department said on Tuesday that it was imposing US$1.2 billion in fines on Bank of America for allegedly violating anti-money-laundering and sanctions laws.
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 US 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.”