The U.S. Treasury Department announced more than $1.21 billion in penalties against Bank of America on October 13, 2026, over anti-money laundering and sanctions-law violations. The actions also require reviews of the bank’s compliance controls.
Treasury said the bank failed to report more than $5 billion in suspicious transactions to the Financial Crimes Enforcement Network, or FinCEN, on time. In its FinCEN resolution, the bank admitted willfully violating the Bank Secrecy Act, according to the department.
The consent order requires Bank of America to work with a third party to identify and report suspicious transactions that previously went undetected. Independent reviews must examine transaction monitoring, customer and foreign correspondent-account due diligence, and data governance used in its anti-money laundering program.
The sanctions portion includes an $11.6 million settlement with the Office of Foreign Assets Control, or OFAC, covering potential civil liability for 475 apparent violations. Treasury said OFAC classified the apparent violations as non-egregious and largely not voluntarily self-disclosed. The bank committed to compliance training, testing, audits and future cooperation with OFAC.
Treasury also said Bank of America remained subject to a December 2024 cease-and-desist order addressing deficiencies in its anti-money laundering compliance program.
