Bank of America Penalized for Anti-Money-Laundering and Sanctions Violations
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AI-assisted source synthesis · not an independent investigation.
On October 14, 2026, the U.S. Department of the Treasury and its agencies took enforcement action against Bank of America over deficiencies in anti-money-laundering and sanctions compliance. FinCEN said the bank failed to timely report more than $5 billion in suspicious transactions and admitted to willfully violating the Bank Secrecy Act; the OCC imposed a $750 million civil penalty, saying serious deficiencies in its monitoring systems led to delays in submitting reports related to tens of billions of dollars; OFAC reached an $11.6 million settlement concerning sanctions matters involving Iran, Russia, global terrorism, and narcotics, involving 475 apparent violations. Earlier reports said the total penalties exceeded $1.21 billion, with FinCEN’s penalty reported as $1.2 billion and the OCC penalty included in that amount; subsequent reports still described the total as exceeding $1.21 billion and used the wording “$1.2 billion regulatory penalty.” On October 15, reports said the bank’s third-quarter profit fell 17%, while revenue grew 3% to $30 billion; the bank said it had invested billions of dollars and thousands of employees in advancing remediation efforts.
AI-written from reports · updated 4 days ago
Timeline
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- PYMNTSSelectedBank of America profit fell 17% after being fined $1.2 billion for money laundering and sanctions violations
Bank of America’s third-quarter profit fell 17% after it was hit with a $1.2 billion regulatory fine for money laundering and sanctions violations. The U.S. Treasury said the bank failed to properly report more than $5 billion in suspicious transactions, while the OCC separately imposed a $750 million civil penalty. The bank’s revenue increased 3% to $30 billion, but fell short of analysts’ expectations, and it said it had invested billions of dollars and thousands of employees in advancing its compliance remediation.
- CryptopolitanSelectedBank of America fined over $1.21 billion for anti-money laundering and sanctions compliance deficiencies
The U.S. Treasury Department fined Bank of America over $1.21 billion for anti-money laundering and sanctions compliance deficiencies; the bank admitted to violating the Bank Secrecy Act. Of this amount, Bank of America will pay $750 million to the OCC, while OFAC separately reached an $11.6 million settlement over sanctions violations. The OCC said the bank's monitoring systems had serious deficiencies, resulting in delays in filing suspicious activity reports related to tens of billions of dollars in transactions.
- PYMNTSSelectedThree US federal agencies fine Bank of America more than $1.21 billion for anti-money laundering and sanctions violations
Three US federal agencies imposed penalties totaling more than $1.21 billion on Bank of America for alleged violations of anti-money laundering and sanctions requirements. FinCEN said the bank failed to timely report more than $5 billion in suspicious transactions and noted that it admitted to willfully violating the BSA; the OCC imposed a $750 million civil penalty, while OFAC reached an $11.6 million settlement over suspected violations involving 475 sanctions programs.
- Banking DiveSelectedBank of America Fined More Than $1.21B for AML Deficiencies
Bank of America was announced by the U.S. Treasury Department to have been fined more than $1.21B for violating anti-money laundering and sanctions laws. FinCEN imposed a $1.2 billion fine, OCC also imposed a $750 million fine, and OFAC separately reached an $11.6 million settlement over sanctions violations involving Iran, Russia, global terrorism, and narcotics, with the OCC fine credited toward FinCEN's fine.
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