The US Treasury has fined Bank of America $1.2 billion over failures linked to anti-money laundering and sanctions laws. FinCEN said the bank did not properly mitigate and report priority national security risks.
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01Summary
- 01The Treasury Department announced the fine on Tuesday.
- 02FinCEN fined Bank of America $1.2 billion for violating anti-money laundering and sanctions laws.
- 03The department said the bank failed to "mitigate and report priority national security risks".
- 04Bank of America is the second-largest bank in the United States.
02Why it matters
The penalty highlights regulatory pressure on one of America’s biggest banks and the wider risk of weak controls in the financial system. It may affect the bank’s reputation and draw closer scrutiny from regulators.
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