Three federal agencies have imposed penalties totaling more than $1.21 billion on Bank of America, alleging the bank violated anti-money laundering and sanctions laws, according to a Tuesday (Oct. 13) press release from the Treasury Department.
The penalties imposed on Bank of America include the third largest ever imposed by the Treasury Department, according to the release.
The source did not provide further details on the specific violations or the breakdown of the penalty among the three agencies involved.
Read more at PYMNTS.com.
