The U.S. Treasury announced more than $1.21 billion in enforcement penalties against Bank of America on October 13, 2026, for anti-money laundering and sanctions violations. FinCEN assessed a $1.2 billion penalty. In its resolution with FinCEN, the bank admitted it willfully violated the Bank Secrecy Act and failed to meet specified AML program, correspondent-account due diligence and suspicious activity reporting requirements.

The OCC separately assessed a $750 million civil money penalty for a deficient and ineffective BSA/AML program. OFAC announced an $11.6 million settlement over 475 apparent sanctions violations, resolving the bank’s potential civil liability. Treasury said the actions relate to failures involving suspicious activity reporting, compliance controls and sanctions screening.

Why it matters

  • The actions underscore enforcement exposure tied to AML monitoring, customer due diligence and reporting failures.
  • The OFAC settlement highlights sanctions risks involving alerts, watchlist updates and payment processing.