US hits Bank of America with $1.2 billion fine, saying it violated money laundering, sanctions laws
The fines amount to the third-largest amount in Treasury Department history.
WASHINGTON -- 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.
“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.”
In a statement, Treasury said its Financial Crimes Enforcement Network (FinCEN) assessed the $1.2 billion penalty for Bank of America's "failure to mitigate and report priority national security risks, including Chinese Money Laundering Networks and illicit finance along the southwest border.''
The penalty includes $750 million that will go to the U.S. Office of the Comptroller of the Currency, the largest fine ever imposed by that federal bank regulatory agency.
“Financial crime compliance is serious, and we are responsible for getting it right,’’ Bank of America said in a statement. “We worked with regulators to reach these penalty resolutions stemming from violations cited in the previously reported 2024 (Comptroller of the Currency) Consent Order and FinCEN’s investigation.
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“ We have invested billions of dollars in technology and dedicated thousands of employees to combat financial crime, and our team is far along with and committed to completing the work required to address the issues raised by our regulators.’’
Months later, Binance founder and CEO Changpeng Zhao, was sentenced to four months in prison over charges that he looking the other way as criminals used his platform to move money connected to child sex abuse, drug trafficking and terrorism.
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- The fines amount to the third-largest amount in Treasury Department history.
- WASHINGTON -- 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.
- “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 Secreta
- In a statement, Treasury said its Financial Crimes Enforcement Network (FinCEN) assessed the $1.2 billion penalty for Bank of America's "failure to mitigate and report priority national security risks, including Chinese Money Laundering Net
- The penalty includes $750 million that will go to the U.S. Office of the Comptroller of the Currency, the largest fine ever imposed by that federal bank regulatory agency.