The U.S. Treasury Department imposed a $1.2 billion fine on Bank of America for violating anti-money laundering and sanctions laws, marking the third-largest penalty in the department’s history. Treasury Secretary Scott Bessent stated that the consequences of such failures extend beyond the bank itself, exposing the entire U.S. financial system to significant illicit finance risks. The second-largest U.S. bank also reached an $11.6 million settlement with the Office of Foreign Assets Control over apparent violations of sanctions programs targeting Iran, Russia, narcotics, and global terrorism. Bank of America admitted to willfully violating the 1970 Bank Secrecy Act, which requires banks to help the government detect and prevent money laundering. The penalty includes $750 million to the Office of the Comptroller of the Currency, the largest fine ever imposed by that agency.
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