‘The biggest financial institutions are not above the law’: Bessent hits BofA with $1.2 billion fine for money laundering—the third-largest in history
Source: Fortune ·
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.
From the source
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. 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 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.” Treasury said Bank of America also reached an $11.6 million settlement with the department’s Office of Foreign Assets Control over “apparent violations of numerous sanctions programs, including on Iran, Russia, narcotics, and global terrorism.” In a statement, Treasury said its Financial Crimes Enforcement Network (FinCEN) assessed the $1.2…