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October 13, 2026
Bank of America Fined $1.2 Billion for Money-Laundering Violations
- The Financial Crimes Enforcement Network imposed a $1.2 billion penalty for failing to report over $5 billion in suspicious transactions, including $1 billion linked to national security risks.
- Bank of America admitted to willfully violating the Bank Secrecy Act and has been ordered to enhance its compliance program, relying too heavily on external inquiries for detection.
- The penalty is the third-largest in Treasury history and includes a $750 million fine from the Office of the Comptroller of the Currency for the largest penalty it has ever imposed.
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4 Sources
- Bank of America fined $1.2 billion over money-laundering violationsOct 13, 2026 at 8:19 PM · CNBC
- Bank of America hit with $1.2 billion penalty over money laundering allegationsOct 13, 2026 at 9:03 PM · Axios
- Treasury fines Bank of America $1.2B for violating money laundering, sanctions lawOct 13, 2026 at 9:45 PM · The Hill
- Bank of America fined $1.2bn over failing to stop money launderingOct 14, 2026 at 2:05 AM · BBC