Treasury Secretary Scott Bessent's department at...

Editor's note: ...the US Treasury just fined Bank of America $1.2 billion for "violating anti-money-laundering and sanctions laws", the third-largest penalty in US Treasury history. Regulators said the bank failed to "flag Chinese money laundering networks and illicit finance along the southwest border", and the bank admitted willfully violating the Bank Secrecy Act. Bessent said, "Even the biggest banks are not above the law." The Bank of America should be renamed to the "Bank of King Charles." Bank of America CEO Brian Moynihan chairs the Sustainable Markets Initiative (central banks don't create anything let alone "sustainability" except ever more increasing amounts of money) which King Charles III founded in 2020 (as Prince of Wales) to "push the private sector toward faster energy transition and net-zero goals" (deindustrialization through globalism). Moynihan moderated King Charles' initiative's March 2026 roundtables at Hampton Court Palace ahead of King Charles' arrival. Although "money laundering and illicit finance" are a large part of the Bank of America's profit centers, Scott Bessant just put the City of London on notice and this is the reason why above all others that "Britain is preparing for war as soon as November." Nemesis approaches for the European central banks and war is their only way out...
________

US fines Bank of America US$1.2 billion, says it violated money laundering, sanctions laws

The bank failed to mitigate and report 'priority national security risks', including Chinese money-laundering networks, the US Treasury says

Associated Press | October 14, 2026

The US Treasury Department said on Tuesday that it was imposing US$1.2 billion in fines on Bank of America for allegedly violating anti-money-laundering and sanctions laws.

The fines on America's second-biggest bank amount to the third-largest in the department's history.

"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 US financial system to significant illicit finance risks," Treasury Secretary Scott Bessent said in a statement.

"Today's actions send a clear message that even the biggest financial institutions are not above the law."

Treasury said Bank of America also reached a US$11.6 million settlement with the department's Office of Foreign Assets Control over "apparent violations of numerous sanctions programmes, including on Iran, Russia, narcotics, and global terrorism".

In a statement, Treasury said its Financial Crimes Enforcement Network assessed the US$1.2 billion penalty for Bank of America's "failure to mitigate and report priority national security risks, including Chinese Money Laundering Networks and illicit finance along the southwest border".

The penalty includes US$750 million that will go to the US Office of the Comptroller of the Currency, the largest fine ever imposed by that federal bank regulatory agency.

Please go to South Morning China Post to continue reading.
________



Well Moynihan, it looks like your idea of "looser financial regulations" just cost your bank $1.2 billion. By the way Moynihan, do you have any children? Are they in the military?

BofA CEO Brian Moynihan says he won't roll the dice on Trump's looser financial regulations