Bank of America faces hefty fines
The U.S. Department of the Treasury imposed fines totaling $1.2 billion on Bank of America for violations of anti-money laundering laws and sanctions, making it the second-largest penalty in the department's history and the third-largest fine in the United States. The Treasury Secretary emphasized that the bank's non-compliance exposes the U.S. financial system to risks of illicit financing. Additionally, a settlement of $11.6 million was reached with the Office of Foreign Assets Control regarding violations related to sanctions programs concerning Iran, Russia, drugs, and global terrorism.
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