Bank of America fined $1.2B by Treasury for money‑laundering violations
Updated 3 weeks ago11 new reports, including New York Post, South China Morning Post, UPI and 6 more.
The short version
The U.S. Treasury fined Bank of America more than $1.2 billion for money‑laundering and sanctions violations. The penalty is the third‑largest in Treasury history and may hurt the bank’s third‑quarter earnings.
The U.S. Treasury Department announced a penalty of more than $1.2 billion against Bank of America for violations of anti‑money‑laundering and sanctions laws.1,3,5,7 The fine is the third‑largest enforcement action in Treasury history.1,2,3,7,6 Bank of America is the second‑largest bank in the United States.1,2,3,7
The Treasury’s Financial Crimes Enforcement Network (FinCEN) cited the bank’s failure to mitigate and report priority national security risks.3 The penalty covers more than $5 billion in suspicious activity that the bank did not report, including $1 billion that posed national security‑related risks.7 The violations included hundreds of millions of dollars in suspicious transactions linked to Chinese money‑laundering networks.8
The suspicious activity involved large wire transfers to counterparties in China and repeated credit‑card purchases at major retailers.8 The Treasury imposed three separate penalties totaling more than $1.21 billion against Bank of America.5 The penalty was announced on Tuesday, 13 October 2026.1,3,5,7
Where outlets disagree
Why it matters
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) is responsible for enforcing U.S. sanctions and anti‑money‑laundering laws.3
Money‑laundering violations occur when a financial institution fails to detect or report suspicious transactions that could be used to conceal illicit funds.3
Edit history(1 earlier versions)
- v1 → v2Replaced 3 weeks ago
11 new reports, including New York Post, South China Morning Post, UPI and 6 more.
Added Treasury fined Bank of America more than $1.2 billion for money‑laundering and sanctions violations.
Added The penalty is the third‑largest in Treasury history and may hurt the bank’s third‑quarter earnings.
Removed Treasury imposed more than $1.21 billion in penalties on Bank of America for violations of anti‑money‑laundering and sanctions laws.
Removed The fines include a $1.2 billion FinCEN penalty and a $750 million OCC civil penalty, the third‑largest Treasury sanction ever.
This story is updated in place as more outlets report it, so it keeps one address. Each earlier version is kept here rather than overwritten.
This account was written from the 8 reports listed below, filed by 8 independent outlets, and checked against them line by line. It is not a copy of any one of them. Spotted an error? Tell us.
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