Bank of America fined $1.2B for allegedly violating money laundering, sanction laws, Treasury says

The U.S. Treasury Department said Tuesday that it’s imposing $1.2 billion in fines on Bank of America for allegedly violating anti-money laundering and sanctions laws.

admin October 14, 2026 2 minutes read

The Treasury Department is fining Bank of America $1.2 billion for allegedly violating anti-money laundering and sanctions laws.

The fines on America’s second-biggest bank amount to the third-largest in the department’s history.

FILE – The Bank of America logo is displayed on a sign in front of a Bank of America office on July 16, 2025 in Sunnyvale, California. (Photo by Justin Sullivan/Getty Images)

Bank of America fined by Treasury

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Bank of America is the country’s second-largest bank.

The bank allegedly processed millions of dollars in payments that violated sanctions programs, including programs that targeted global terrorism and narcotics, according to The Washington Post.

In a statement, Treasury said its Financial Crimes Enforcement Network (FinCEN) assessed the $1.2 billion penalty for Bank of America’s “failure to mitigate and report priority national security risks, including Chinese Money Laundering Networks and illicit finance along the southwest border.”

The penalty includes $750 million that will go to the U.S. Office of the Comptroller of the Currency, the largest fine ever imposed by that federal bank regulatory agency.