Why Scott Bessent Gave Bank of America the Belt This Week
Matt Vespa X Follow @mVespa1 | October 14, 2026 1:35 AM
Treasury Secretary Scott Bessent isn’t playing around: financial institutions that fail to enforce clear violations will be penalized. He did so, slapping Bank of America with a $1.2 billion fine for failing to follow anti-money laundering provisions and sanctions laws. It’s a massive fine, the third-largest in history (via CNBC) [emphasis mine]:
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🚨 BREAKING: In a massive move, Treasury Sec. Scott Bessent just slapped $1.21 BILLION in penalties on BANK OF AMERICA, which facilitated suspicious transactions involving CHINA and other nations The bank racked up 475 apparent sanctions violations involving Iran, Russia, narcotics, and terrorism! BESSENT FAFO 🔥 Bank of America reportedly ADMITTED it willfully broke federal anti-money laundering law. Treasury says the bank failed to report more than $5 BILLION in suspicious transactions. More than $1 billion of that was tied to national security risks, including Chinese money-laundering networks and cartel-linked activity along the southwest border Treasury says the bank put its revenue ahead of compliance and ignored red flags tied to possible narcotics money BESSENT: "Today's actions send a clear message that even the biggest financial institutions are not above the law." They are not being let off the hook! BESSENT JUST LAID THE HAMMER — Eric Daugherty (@EricLDaugh) October 13, 2026
READ MORE: https://townhall.com/news/mattvespa/2026/10/14/why-scott-bessent-gave-bank-of-america-the-belt-this-week-n2684634?_gl=1*xq6vq3*_up*MQ..*_ga*MTMyNDAzOTE5LjE3OTE5ODM1MzU.*_ga_732T5NHNX1*czE3OTE5ODM1MzQkbzEkZzAkdDE3OTE5ODM1MzQkajYwJGwwJGgw
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