WASHINGTON (AP) — The U.S. Treasury Department said Tuesday that it’s imposing $1.2 billion in fines on Bank of America for allegedly violating anti-money laundering and sanctions laws.
The fines on America’s second-biggest bank amount to the third-largest in the department’s history.
“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,” Treasury Secretary Scott Bessent said in a statement. “Today’s actions send a clear message that even the biggest financial institutions are not above the law.”
Seeing as how the US is also sanctioning the ICC, who who fucking knows what this is.
Coming from Bessent, I don’t believe a word. It’s probably somebody’s personal vendetta or extortion, the only question is who.
At a quick guess? This is coming for other banks too to make room for TrumpBank.