Treasury fines Bank of America about $1.2 billion over money-laundering and sanctions violations
Photo: NBC NewsHow the sides differ Left sources stress the penalty's historic size; alternative sources note its timing before earnings; right sources add detail on Chinese laundering networks and southern border criminals.
The Treasury Department announced on Tuesday that it is fining Bank of America about $1.2 billion for violating anti-money laundering and sanctions laws. Outlets describe the bank as the second-largest in the country and the penalty as the third-largest in the department's history. Reports say the bank failed to investigate and report suspicious transactions, and The Hill cites FinCEN's finding that it failed to mitigate national security risks. CNBC notes the announcement came less than a day before the bank's quarterly earnings, while the Washington Examiner says the payments may have involved Chinese laundering networks and criminals on the southern border.
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NBC News calls the fine historic and stresses that the bank failed to report billions in suspicious transactions.
CNBC highlights the timing just before earnings, while The Hill cites FinCEN and the national security risks the bank allegedly failed to address.
- Fox BusinessBank of America hit with $1.2B in penalties over money laundering compliance failures
- Washington ExaminerTreasury fines Bank of America $1.2 billion for violating anti-money laundering laws
Right-leaning outlets stress the fine's rank and compliance failures; the Washington Examiner adds possible links to Chinese laundering networks and southern border criminals.