US Hits Bank of America With $1.2 Billion in Penalties for Security Violations

The U.S. Treasury has fined Bank of America $1.21 billion for violating anti-money laundering and sanctions laws. These violations included the failure to mitigate and report priority national security risks such as Chinese money laundering networks and illicit finance along the southwest border. Treasury Secretary Scott Bessent stated that such failures by large banks expose the entire U.S. financial system to significant risks.

• Bank of America was fined $1.21 billion by the U.S. Treasury.
• The penalty was for violations of anti-money laundering and sanctions laws.
• The bank failed to mitigate and report national security risks, including Chinese money laundering networks and illicit finance along the southwest border.
• Treasury Secretary Scott Bessent highlighted the systemic risks posed by such failures.