The U.S. Treasury Department said Tuesday it is imposing $1.2 billion in fines on Bank of America for allegedly violating anti-money laundering and sanctions laws. The penalty is the third-largest in the department’s history, according to Treasury.
Treasury Secretary Scott Bessent said the failures of a bank of this size reach well beyond the bank itself. He said they expose the entire U.S. financial system to serious illicit finance risks, and that the biggest institutions are not above the law.
Separately, Treasury said Bank of America reached an $11.6 million settlement with its Office of Foreign Assets Control. The agency cited “apparent violations of numerous sanctions programs, including on Iran, Russia, narcotics, and global terrorism.”
The fines were announced against the nation’s second-largest bank. The source report does not say how the violations were discovered or what changes the bank has agreed to make.
For South Florida residents who bank with Bank of America or work in the region’s financial sector, the case is a reminder of how closely federal regulators are watching large lenders’ compliance with sanctions and money laundering rules.
