The U.S. Treasury has penalized Bank of America $1.21 billion for violations of anti-money laundering and sanctions laws, the department announced Oct. 13.

The Financial Crimes Enforcement Network assessed the penalty for the bank’s alleged failure to mitigate and report priority national security risks, including Chinese money laundering networks and illicit finance along the southwest border, according to the Treasury.

“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,” said Treasury Secretary Scott Bessent.