US hits Bank of America with $1.2 billion fine, saying it violated money laundering, sanctions laws

What happened: The U.S. Treasury Department said it is imposing $1.2 billion in fines on Bank of America for allegedly violating anti-money laundering and sanctions laws. Key numbers: $1.2 billion penalty, third-largest in Treasury history. $750 million to the Office of the Comptroller of the Currency, its largest fine ever. $11.6 million OFAC settlement. Why it matters: Treasury Secretary Scott Bessent said the action sends a message that even the biggest financial institutions are not above the law. Bank of America said it worked with regulators and has invested billions in compliance. Coverage: 8 outlets in 24h

The U.S. Treasury Department said it is imposing $1.2 billion in fines on Bank of America for allegedly violating anti-money laundering and sanctions laws.

Treasury Secretary Scott Bessent said the action sends a message that even the biggest financial institutions are not above the law. Bank of America said it worked with regulators and has invested billions in compliance.