(19 October 2026 – United States) The US Treasury Department has imposed $1.21 billion in fines on Bank of America for widespread failures to detect and report potential money laundering and other illicit financial activity, the third-largest penalty in the department’s history.
The fine was assessed by the Financial Crimes Enforcement Network for the bank’s failure to report more than $5 billion in suspicious activity, including $1 billion posing national security-related risks. The Office of the Comptroller of the Currency separately levied a $750 million civil penalty — the largest ever for that regulator — citing unaddressed shortcomings in the bank’s anti-money laundering programmes identified under a 2024 cease-and-desist order. Bank of America also paid an $11.6 million settlement with the Office of Foreign Assets Control for over 400 apparent violations of sanctions programmes covering Iran, Russia, narcotics, and global terrorism.
Treasury Secretary Scott Bessent said: “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. Today’s actions send a clear message that even the biggest financial institutions are not above the law.”