US Treasury fines Bank of America $1.2 billion over alleged 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.
Latest: The U.S. Treasury Department said it is imposing $1.2 billion in fines on Bank of America for allegedly violating anti-money laundering and sanctions laws, the third-largest amount in the department's history.
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How it unfolded
Tuesday 13 October
The U.S. Treasury Department said it is imposing $1.2 billion in fines on Bank of America for allegedly violating anti-money laundering and sanctions laws, the third-largest amount in the department's history.
- 17:17ABC NewsUS hits Bank of America with $1.2 billion fine, saying it violated money laundering, sanctions laws
- 16:45The Philadelphia InquirerUS hits Bank of America with $1.2 billion fine, saying it violated money laundering, sanctions laws
- 16:15The Philadelphia InquirerUS Treasury says it’s imposing $1.2 billion in fines on Bank of America for violating money laundering, sanctions laws
- 16:15NBC NewsBank of America ordered to pay historic $1.2 billion over alleged sanctions law violations