The Treasury just fined BofA $1.2 billion, saying it didn't report Chinese money laundering networks
The US Treasury Department said it is imposing more than $1.2 billion in penalties against Bank of America.
It added that the bank had also violated several sanctions programs, "including on Iran, Russia, narcotics, and global terrorism."
The Treasury did not provide details of when these missteps occurred. Its release said the fine was the third-largest penalty it had imposed in its history.
"Today's actions send a clear message that even the biggest financial institutions are not above the law," he added.
A BofA spokesperson said in a statement that it is working with regulators on the issue.
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The spokesperson also said that the fine would impact the bank's upcoming third-quarter earnings, "impacting net income by approximately 17 cents per share."
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- The US Treasury Department said it is imposing more than $1.2 billion in penalties against Bank of America.
- It added that the bank had also violated several sanctions programs, "including on Iran, Russia, narcotics, and global terrorism."
- The Treasury did not provide details of when these missteps occurred. Its release said the fine was the third-largest penalty it had imposed in its history.
- "Today's actions send a clear message that even the biggest financial institutions are not above the law," he added.
- A BofA spokesperson said in a statement that it is working with regulators on the issue.