US fines Bank of America $1.2bn for money laundering, sanctions violations

The US Treasury Department has imposed more than $1.21 billion in penalties against Bank of America, the second-largest bank in the US, for violating anti-money laundering and sanctions laws. The fines announced on Tuesday include the third-largest penalty in the department’s history, the US Treasury said in a statement. “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,” US Treasury Secretary Scott Bessent said. He added that these “actions send a clear message that even the biggest financial institutions are not above the law”.