🔶$1.2 billion fine for the second-largest bank in the United States for violating anti-money laundering laws

The U.S. Department of the Treasury announced that “Bank of America,” the second-largest bank in the country, has been ordered to pay more than $1.2 billion in fines due to repeated violations of anti-money laundering laws and failure to enforce sanctions regulations.

According to a statement released by the ministry, the financial institution failed to properly report more than $5 billion in suspicious transactions and was unable to adequately mitigate and track the risks posed by illegal financial networks.

In addition to this hefty fine, the U.S. Treasury Department emphasized that, in a separate agreement with the Office of Foreign Assets Control (OFAC), the bank has also been ordered to pay another $6.11 million in penalties. The reason for this fine was stated to be hundreds of violations of U.S. sanctions programs, including carrying out transactions related to Iran, Russia, networks involved in international drug trafficking, and terrorism.