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US fines Bank of America $1.2B

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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.

Read more from Al Jazeera.

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