The Treasury Department announced that it is imposing more than $1.21 billion in penalties on Bank of America for violations of sanctions and anti-money laundering laws, including by facilitating payments that may have involved Chinese money laundering networks and criminals operating on the southern border.
The Treasury announced the action on Tuesday afternoon after markets closed. The $1.2 billion penalty is the third-largest penalty imposed by the Treasury in history. The penalties are part of the administration’s efforts to go after banks that don’t meet sanctions and anti-money laundering obligations, according to the Treasury.
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