Washington fining America’s second-largest bank
The U.S. Department of the Treasury imposed fines exceeding $1.2 billion on Bank of America, the second-largest bank in the United States, due to violations of anti-money laundering laws and sanctions. This followed the bank’s failure to properly report suspicious transactions exceeding $5 billion, including activities linked to Chinese money laundering networks and unauthorized financing operations near the southwestern border of the United States. Additionally, the Office of Foreign Assets Control announced a settlement of $11.6 million related to sanctions violations connected to Iran, Russia, and terrorism. Officials emphasized that non-compliance by the largest financial institutions poses significant risks to the U.S. financial system. The bank’s spokesperson acknowledged the importance of adhering to the laws and stated that the bank is working to rectify the situation and cooperate with authorities.
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