US Bank Fined $1.2 Billion Over Money Laundering Charges

The Treasury Department announced on Tuesday that it has imposed a fine of more than $1.2 billion on Bank of America for years of failing to report suspicious transactions and for deficiencies in the bank's anti-money laundering program. Why it matters: this action marks the third-largest penalty in the Treasury's history. In a press statement, Treasury Secretary Scott Bessent said: "Today's actions send a clear message that even the largest financial institutions

The Treasury Department announced on Tuesday that it has imposed more than $1.2 billion in fines against Bank of America for years of failing to report suspicious transactions and addressing deficiencies in the bank's anti-money laundering program. Why it matters: The measure would include the third-largest fine in Treasury history. Treasury Secretary Scott Bessant said in a press release: "Today's actions send a clear message that even the largest financial institutions