US Hits Bank of America With $1.2 Billion in Penalties for Security Violations
Treasury officials said the company has failed to mitigate and report national security risks, including Chinese money laundering networks.
TL;DR
- 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.