The Aporia · Bank of America hit with $1.2B fine for money laundering, sanctions violations

Bank of America hit with $1.2B fine for money laundering, sanctions violations

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Associated Press. (2026, October 13). Bank of America hit with $1.2B fine for money laundering, sanctions violations. New York Post. https://nypost.com/2026/10/13/business/bank-of-america-hit-with-1-2b-fine-for-money-laundering-sanctions-violations/

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The US Treasury Department fined Bank of America $1.2 billion for violating anti-money laundering and sanctions laws, marking the third-largest fine in the department’s history. The penalty includes a record $750 million fine imposed by the U.S. Office of the Comptroller of the Currency. Additionally, Bank of America settled with the Treasury’s Office of Foreign Assets Control for $11.6 million over violations related to sanctions programs on Iran, Russia, narcotics, and global terrorism. Treasury Secretary Scott Bessent emphasized that such penalties send a strong message about compliance expectations even for large financial institutions.

Written by AI on 2026-10-13, from this article's own text only (the story summary below draws on all the coverage).

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Story summary

As of October 14, 2026, the US Treasury Department fined Bank of America $1.2 billion for failing to detect and report suspicious activities related to money laundering and sanctions violations, including Chinese money-laundering networks. This is the third-largest fine in the department's history and the largest ever imposed by the Office of the Comptroller of the Currency (OCC). The fine includes an $11.6 million settlement with the Treasury’s Office of Foreign Assets Control for apparent sanctions violations involving Iran, Russia, narcotics, and global terrorism.

Treasury Secretary Scott Bessent stated that when large banks fail to meet their anti-money laundering obligations, they expose the entire US financial system to significant illicit finance risks. The consent order requires Bank of America to hire an independent third party to review past transactions for national security-related risks and implement stronger internal controls against future violations.

Written for “Bank Of America Money Laundering Fine” on 2026-10-31, grounded in this article and the 5 other(s) covering the same event.

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Associated Press

582 article(s) here · 1 carrying a prediction

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Wire or desk byline, not an individual reporter.

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Nothing else under this byline is closely related to this article, so these are simply their most recent.

All 582 articles by Associated Press →

Claims (12 extracted, 1 hedged)

Bank of America hit with $1.2B fine for money laundering, sanctions violations By asserted

Bank → hit → violations

The US 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. uncertain

it → say → laws

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

fines → amount → history

“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 U.S. financial system to significant illicit finance risks,” Treasury Secretary Scott Bessent said in a statement. asserted

Bessent → fail → statement

“Today’s actions send a clear message that even the biggest financial institutions are not above the law.” asserted

institutions → send → law

Treasury said Bank of America also reached an $11.6 million settlement with the department’s Office of Foreign Assets Control over “apparent violations of numerous sanctions programs, including on Iran, Russia, narcotics, and global terrorism.” asserted

Bank → say → Iran

In a statement, Treasury said its Financial Crimes Enforcement Network 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.’’ asserted

Network → say → 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. asserted

that → include → agency

Treasury said that Bank of America “admits that it willfully violated’’ the 1970 Bank Secrecy Act, which requires banks to help the government detect and prevent money laundering. asserted

government → say → laundering

The latest action is the third-largest penalty ever issued by the Treasury Department, behind a roughly $4 billion settlement in 2023 with Binance, the world’s largest cryptocurrency exchange, and an approximately $3 billion settlement with Canada-based TD Bank the following year. asserted

action → issue → Bank

Both those historic actions happened as part of the Biden administration’s focus on anti-money laundering and efforts to promote compliance with the then-emerging virtual currency industry. asserted

actions → happen → industry

Months later, Binance founder and CEO Changpeng Zhao, was sentenced to four months in prison over charges that he looking the other way as criminals used his platform to move money connected to child sex abuse, drug trafficking and terrorism. asserted

criminals → sentence → abuse

Bank of America hit with $1.2B fine for money laundering, sanctions violations

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Claims (12 extracted, 1 hedged)