Business · Companies · 1 hr ago
Bank of America faces more than $1.2 billion in penalties
US authorities imposed more than $1.21 billion in penalties on Bank of America over failures involving money-laundering and sanctions controls.
The Treasury said the bank failed to report Chinese money-laundering networks and did not properly scrutinize suspicious transactions.
The cases involved more than $5 billion in suspicious transactions, with national security concerns involved in about one-fifth of them.
The penalty includes an $11.6 million settlement over sanctions violations involving Iran and Russia.
External auditors will review suspicious transactions, while the bank says it is working to fix problems regulators identified and has invested billions in financial-crime technology.
The accounts differ on the total penalty: one gives a figure of more than $1.21 billion, while another says $1.8 billion; the bank was due to report quarterly results on Wednesday, which the penalty will affect.
The US Treasury imposed penalties of more than $1.21 billion on Bank of America over failures in anti-money-laundering controls and violations of sanctions rules.
Investigators said the bank failed to report suspicious transactions worth more than $5 billion in a timely manner.
More than $1 billion of those transactions were linked to national-security concerns and other priority risks involving illicit finance.
The penalties include a $750 million fine from the Office of the Comptroller of the Currency, described as the largest in that agency’s history.
The bank agreed to pay $11.6 million to settle potential liability for apparent sanctions violations and said it was working to address regulators’ concerns.
- Who
- Bank of America, subject to penalties imposed by US authorities.
- What
- It faces more than $1.21 billion in penalties over anti-money-laundering and sanctions violations.
- When
- The penalties were announced on October 13, 2026.
- Where
- United States.
- Why
- Authorities said the bank’s controls failed to detect and report suspicious transactions in time and that it violated sanctions rules.
This story does not have two clearly opposing sides.
Regulators ordered Bank of America to improve its anti-money-laundering controls.
US authorities announced penalties of more than $1.21 billion against the bank.
Bank of America was due to report results for the previous quarter.
- Total penalties
- More than $1.21 billion
- Suspicious transactions
- More than $5 billion
- OCC fine
- $750 million
- Sanctions settlement
- $11.6 million
- Sanctions violations
- 475 apparent violations
- Suspicious transactions linked to national-security concerns
- More than $1 billion
9 sources
Bank of America leva multa de US$ 1,2 bilhão nos EUA
Bank of America Fined More Than $1.2 Billion for Money-Laundering
الخزانة الأمريكية تفرض غرامات تتجاوز 1.21 مليار دولار على «بنك أوف أمريكا»
US-Großbank: Über 1,2 Milliarden Dollar Strafe für Bank of Amerika
Bank of America Pays $1.8 Billion Fine for Lax Money-Laundering Oversight
Bank of America'ya kara para aklamadan ceza
EUA aplicam multa de US$ 1,2 bi ao Bank of America e alegam falha em combate à lavagem de dinheiro
Tesouro dos EUA multa Bank of America em US$ 1,2 bilhão por falhas no combate à lavagem de dinheiro
Über 1,2 Milliarden Dollar Strafe für Bank of Amerika
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What people are saying
Bugün atılan adımlar, en büyük finansal kuruluşların dahi yasaların üzerinde olmadığına dair net bir mesaj vermektedir.
When a bank of this size fails to meet its obligations related to combating money laundering and sanctions, the consequences extend far beyond its own walls, exposing the entire US financial system to significant illicit-financing risks.
We invest billions of dollars in technology and dedicate thousands of employees to combating financial crime, and our team is well advanced and committed to completing the work necessary to resolve the issues raised by our regulators.