The bank's massive fine is the third-largest in US Treasury Department history, but what does it really mean?
As I read about Bank of America's $1.2 billion fine for money laundering and sanctions violations, my first thought was: did they get away with it? The fine is a record-breaker, the third-largest in US Treasury Department history.
The US Treasury Department imposed the fines on Bank of America, according to nypost.com. This isn't just a slap on the wrist - it's a serious consequence for a bank that was supposed to be following the rules. The fines are also a reminder that even big banks can get caught up in shady dealings.
But what does this fine really mean? Is it enough to prevent future money laundering and sanctions violations, or is it just a drop in the bucket for a bank of Bank of America's size?
Facts:
| Fine Amount | $1.2 billion |
|---|---|
| Ranking in US Treasury Department history | Third-largest fine |
| Settlement with Office of Foreign Assets Control | $11.6 million |
Source: nypost.com
