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Posted on 10/13/2026 3:54:40 PM PDT by Libloather
The US 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.”
Treasury said Bank of America also reached an $11.6 million settlement with the department’s Office of Foreign Assets Control over “apparent violations of numerous sanctions programs, including on Iran, Russia, narcotics, and global terrorism.”
In a statement, Treasury said its Financial Crimes Enforcement Network assessed the $1.2 billion penalty for Bank of America’s “failure to mitigate and report priority national security risks, including Chinese Money Laundering Networks and illicit finance along the southwest border.’’
The penalty includes $750 million that will go to the U.S. Office of the Comptroller of the Currency, the largest fine ever imposed by that federal bank regulatory agency.
Treasury said that Bank of America “admits that it willfully violated’’ the 1970 Bank Secrecy Act, which requires banks to help the government detect and prevent money laundering.
(Excerpt) Read more at nypost.com ...
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I agree. And somehow they found out who are Trump supporters.
Someone must have provided them a list and BofA.
I went down to the branch when I got home and told them about the “recycled chicken”, and “chicken intestines on a stick”, and other street foods that you can get in the Philippines for cheap. I explained that these dishes are very cheap, and if you have no money, you might have to eat them. They were visibly uneasy about eating fried chicken that came out of the trash to have the meet scraped off and made into a stew of sorts. You can get it, and a scoop of rice, for about 10 cents.
Last reported quarter their net income was $9 billion on $30 billion in revenue. It isn’t going to bankrupt the company.
>>who’s going to prison?
Nobody. Most financial institutions have leakage around the regs. some employee accidentally bribes a government official, or okays a loan to Hamas... as long as it’s “rare” and the company has procedures in place to limit it, they only get fined. Criminal charges would only follow if it was ongoing and intentional.
Serves BoA right - they were among the first to publicly offer banking services to illegals.
$1.2B+
$750MM+
$11.6MM
Looks like quite a few NGO’s are finally getting refunded via the CFPB ... since the fall of USAID.
from the FRchives:
bessent & russ vought on a miussion:
https://x.com/GuntherEagleman/status/2110124478151737806
xxxxxxxxxxxxx
https://freerepublic.com/focus/f-news/4352199/posts
BOA Chump Change
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