The U.S. Treasury Department announced on Tuesday that Bank of America (BoA) has been penalized over $1.2 billion for violating sanctions and failing to report national security risks.
\n\nThe action was described as “the third-largest penalty in Treasury history and the largest in the Office of the Comptroller of the Currency (OCC) history.”
\n\nThe penalties were assessed by three independent bureaus of the Treasury Department that have related missions. The oldest is the Office of Foreign Assets Control (OFAC), which administers economic sanctions and monitors financial threats to American national security. The OCC charters and regulates American banks and savings associations, along with U.S. branches of foreign banks. The Financial Crimes Enforcement Network (FinCEN) protects the U.S. financial system against illicit activity, such as money laundering and terrorist networks.
\n\n“Financial institutions are on the front lines of protecting our economic and national security,” said Treasury Secretary Scott Bessent. “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.”
\n\n“Today’s actions send a clear message that even the biggest financial institutions are not above the law,” Bessent…
Original source: https://www.breitbart.com/economy/
