The U.S. Treasury Department announced that “Bank of America,” the country’s second-largest bank, has reached an agreement with the Treasury Department’s Office of Foreign Assets Control to pay a $11.6 million fine

The U.S. Treasury Department announced that “Bank of America,” the country’s second-largest bank, has reached an agreement with the Treasury Department’s Office of Foreign Assets Control to pay a $11.6 million fine.

According to the U.S. Treasury Department, the fine was set due to “possible violations of several sanctions programs, including sanctions related to Iran, Russia, narcotics, and global terrorism.”

The Associated Press reported that “Bank of America” was also fined $1.2 billion for violating anti-money-laundering and sanctions laws.

In a statement, Scott Bessent, the U.S. Treasury secretary, said: “When such a large bank does not meet its obligations in combating money laundering and complying with sanctions, the consequences go far beyond the bank itself and put the entire U.S. financial system at serious risk from illegal financing.”