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Bank of America ordered to pay historic $1.2 billion over alleged sanctions law violations

Photo: Michael Nagle

Bank of America was ordered Tuesday to pay $1.2 billion to the Treasury Department, which said it violated anti-money laundering and sanctions laws.

The penalty is the third largest ever issued in Treasury history, the agency said. As part of that total, the bank was ordered to pay $750 million to the Office of the Comptroller of the Currency, the largest fine it has ever levied.

“Today’s actions send a clear message that even the biggest financial institutions are not above the law,” Treasury Secretary Scott Bessent said in a statement.

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