US fines Bank of America $1.2bn for money laundering, sanctions violations
The US Treasury Department has fined Bank of America $1.21 billion for failing to comply with anti-money laundering and sanctions regulations. The penalties address deficiencies in reporting suspicious transactions and managing national security risks.
Why it matters
This record-level fine highlights increased regulatory scrutiny on major financial institutions regarding their role in preventing illicit finance and money laundering.
The second-largest US bank faces record penalties for failing to comply with sanctions and money laundering laws.
x whatsapp-stroke copylink google Add Al Jazeera on Google info A Bank of America logo is seen on the entrance to one of the bank's financial centres in New York City [File: Brendan McDermid/Reuters] By AP Published On 14 Oct 2026 14 Oct 2026 The US Treasury Department has imposed more than $1.21 billion in penalties against Bank of America, the second-largest bank in the US, for violating anti-money laundering and sanctions laws.
The fines announced on Tuesday include the third-largest penalty in the department’s history, the US Treasury said in a statement.
“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,” US Treasury Secretary Scott Bessent said.
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