Bank of America fined $1.2bn for money-laundering failures

AI-generated briefing by News4U · First published 2026-10-14 19:36:18 UTC

US regulators fined Bank of America $1.2bn for failing to report over $5bn in suspicious activity, including $1bn tied to national-security risks.

US regulators fined Bank of America $1.2bn for failing to report over $5bn in suspicious activity, including $1bn tied to national-security risks from China and the southwest border, the third-largest Treasury penalty on record. [1] [2] [3]

The OCC levied a record $750m civil penalty and OFAC added $11.6m for 475 sanctions breaches involving Russia and Iran; the bank will hire an independent reviewer to re-examine past transactions. [2] [3]

Bank of America said the charge will cut third-quarter net income by about 17 cents per share and shares fell 2.7% after hours. [2] [3] [4]

Sources

1. Bank of America fined $1.2bn over money laundering failures

   FT Markets · 2026-10-13 20:00:06 UTC · Summary only

2. Bank of America fined US$1.2bn

   RTHK Finance · 2026-10-14 00:09:30 UTC · Excerpt

3. Bank of America hit with $1.2bn fine for money laundering failings

   BBC Business · 2026-10-14 02:05:32 UTC · Full text

4. BofA Sheds $22 Billion in Value as Lapses Come to Light

   Bloomberg · 2026-10-14 15:52:32 UTC · Summary only

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