The fine is the third-largest in U.S. history.
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced penalties of over $1.21 billion against Bank of America for violating federal anti-money-laundering and sanctions laws. The nation’s second-largest bank admitted to “willfully violating“ the 1970 Bank Secrecy Act and will pay the third-largest fines in U.S. Treasury history. The institution failed to flag foreign criminal networks or report over $5 billion in suspicious transactions or fraud.
“Financial institutions are on the front lines of protecting our economic and national security,” said Secretary Scott Bessent. “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.“
The Treasury Department stated, “Together, these actions underscore the importance of effectively complying with U.S. AML/CFT and sanctions requirements. Given the converging nature of AML/CFT and sanctions-related risks, financial institutions should ensure their AML and sanctions compliance efforts are effectively integrated and mutually reinforcing.“
As the Lord Leads, Pray with Us…
- For Secretary Bessent and Treasury officials as they seek to ensure U.S. banks comply with federal laws.
- For Acting Director Jenna Casanova as she oversees the Financial Crimes Enforcement Network.
- For Director Bradley Smith as he heads the Office of Foreign Assets Control and evaluates compliance with sanctions.
Sources: Daily Caller, UPI News, Treasury Department
