The U.S. Treasury fined Bank of America $1.2 billion for violating anti-money laundering and sanctions laws.

What it means

The US government — via the Department of Justice and the Treasury's OFAC — is imposing a $1.2 billion penalty on Bank of America for systemic failures in its anti-money laundering (AML) and sanctions compliance programs. The bank allegedly processed transactions that violated US sanctions (e.g., against Cuba, Iran, or other embargoed jurisdictions) and failed to file required suspicious-activity reports on time, with the total composed of forfeiture, civil penalties, and related fines.

Accuracy & sourcesSourced

The claim is solid — this reflects a publicly reported settlement based on official DOJ and OFAC announcements, and AP is a wire service reporting directly on those primary-source press releases. The reporting sits close to the underlying court filing/consent order, so the headline figure is reliable, though the exact breakdown of forfeiture versus civil penalties comes from the official release.

How new