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The U.S. Treasury Department has fined Bank of America to the tune of $1.2 billion.
The bank allegedly violated anti-money laundering and sanctions laws.
“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,” U.S. Treasury Secretary Scott Bessent said.
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