WASHINGTON (AP) — The U.S. Treasury Department said Tuesday that it’s imposing $1.2 billion in fines on Bank of America for allegedly violating anti-money laundering and sanctions laws.
The fines on America’s second-biggest bank amount to the third-largest in the department’s history.
“When a bank of this size fails to meet its anti-money laundering and sanctions obligations, the consequences extend far beyond its own walls, exposing the entire U.S. financial system to significant illicit finance risks,” Treasury Secretary Scott Bessent said in a statement. “Today’s actions send a clear message that even the biggest financial institutions are not above the law.”
I’m shocked that they are still doing these types of things. I expected the bank’s executives would’ve been able to settle their differences with Treasury officials over a glass of wine and a few million donated to the Don’s campaign fund.
This is how he tells them (and everyone watching) they haven’t been donating enough.
Dammit. You’re right.
They hardly ever actually pay these fines. They’ll make one or two payments, then stop, and nothing happens.