Treasury fines Bank of America $1.2bn, department says bank violated AML and sanctions rules

The U.S. Treasury Department announced a $1.2 billion civil penalty against Bank of America for alleged breaches of anti-money-laundering and sanctions laws, livenowfox.com reported. The outlet said the department characterised the penalty as the third-largest in its history and noted that Bank of America is the country’s second-largest bank.

Livenowfox.com attributed its account to reporting by The Associated Press and The Washington Post, and said the Treasury announced the fine on Tuesday. The brief was filed from San Jose and described the fine as tied to alleged violations of both anti-money-laundering rules and U.S. sanctions regimes.

The piece did not provide details about the specific conduct the Treasury cited, the time period covered by the alleged violations, or whether Bank of America has agreed to the penalty or intends to contest it. The article also did not include any statements from Bank of America or from Treasury officials beyond the department’s announcement of the fine.

Headlines from other outlets mirror the core facts reported by livenowfox.com: that the United States levied a $1.2 billion fine against Bank of America for money-laundering and sanctions law violations. Livenowfox.com said the department called the penalty one of the largest it has imposed, ranking it third in size within Treasury enforcement history.

The report did not give a breakdown of how the department calculated the penalty, whether it included forfeiture or only a civil fine, or which business units or transactions were implicated. It also omitted any account of potential supervisory actions, consent orders, or criminal referrals tied to the Treasury announcement.

Livenowfox.com framed the story as developing and relied on AP and Washington Post reporting for its facts; it did not provide additional documentation or primary Treasury texts in the brief.

The immediate, confirmed elements in the available account are the Treasury Department’s announcement of a $1.2 billion fine, the department’s characterization of the penalty as the third-largest it has imposed, and the description of Bank of America as the nation’s second-largest bank.