A major United States bank has been told it fell short on stopping dirty money. Federal officials say the gaps touched on national security. The bank now faces a hefty penalty.
According to The Associated Press, Treasury said it is fining Bank of America $1.2 billion. The penalty covers alleged breaches of anti-money laundering and sanctions laws. It is the third-largest in the department’s history. Bank of America is the second-biggest bank in the country. Treasury Secretary Scott Bessent said that size raises the stakes.
