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Euronews
Euronews
Doloresz Katanich

Money laundering failures land Bank of America with a $1.2 billion fine

Bank of America Money Laundering Changpeng Zhao Sanctions United States Binance FinCEN Iran Russia US Treasury Department

The US Treasury Department said on Tuesday that it had imposed a $1.2bn (€1.07bn) fine on Bank of America for anti-money laundering failures.

"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."

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