Bank of America fined more than $1.2 billion over money laundering and sanctions violations

Summary

The U.S. Treasury Department said on October 13 that it is imposing $1.2 billion in fines on Bank of America for allegedly violating anti-money laundering and sanctions laws, The Philadelphia Inquirer and ABC News reported. The fines amount to the third-largest amount in Treasury Department history, according to ABC News, and NBC News called the $1.2 billion order historic. The New York Times put the fine for lax money-laundering oversight at $1.8 billion, saying federal regulators found that the bank had waved through suspicious transactions without proper care, while Bloomberg said Bank of America was fined more than $1.21 billion for money laundering and sanctions violations by US regulators.

Latest: The New York Times put Bank of America's fine for lax money-laundering oversight at $1.8 billion, regulators saying the bank waved through suspicious transactions without proper care, while Bloomberg said the bank was fined more than $1.21 billion.

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