Bank of America fined $1.2 billion for money laundering and sanctions violations
- Reports
- 7
- Developments
- 3
- Repetition
- 57%
New informationRepeats or wire copies
What happened
Bank of America faced scrutiny for violating money laundering and sanctions laws. The bank disclosed a US$1.2 billion charge stemming from a regulatory penalty related to its failure to report over US$5 billion in suspicious activity to the US government.
From businesstimes.com.sg
Why it matters
The penalty added to a downbeat earnings report, which cited weakness in Bank of America's investment banking and trading businesses. Following the news, Bank of America's shares fell 4.2 per cent in premarket trading.
Who's involved
- Bank of AmericaThe American multinational banking and financial services corporation that received the regulatory penalty.
- U.S. TreasuryThe government body involved in the reporting of suspicious activity.
- Office of the Comptroller of the CurrencyThe American federal government organization that imposes civil penalties on Bank of America for AML failures.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Office of the Comptroller of the CurrencySpeculative
The regulatory action may validate the Office of the Comptroller of the Currency's authority and enforcement role in AML compliance.
How it developed
Newest first. Tap a step to see who reported it.Penalties imposed on Bank of America over anti-money-laundering violations.1 source
Bank of America faces scrutiny for violating money laundering laws.1 source
Bank of America's violation on Oct 13 included both AML and sanctions laws.1 source
Keep exploring
The entities involved
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Bank of America
American multinational banking and financial services corporation
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Related events
- The American Bankers Association addressed fraud threats faced by customers of banks on October 13, 2026.
- Both Toronto-Dominion Bank and Bank of America face scrutiny over financial crime vulnerabilities, with TD Bank recently facing compliance fines in Canada.
- A lawsuit was filed in New York City involving Bank of America.
- A federal report investigated bank discrimination practices involving Bank of America and the Office of the Comptroller of the Currency.
- The Office of the Comptroller of the Currency and U.S. Treasury fined Bank of America for reporting and compliance failures.