Bank Of America Faces More Than $1.2 Billion In Penalties Over Money-Laundering Violations

The US Treasury Department has ordered Bank of America to pay more than $1.2 billion in penalties after identifying willful violations of anti-money-laundering and sanctions laws.

The bank acknowledged failures in its anti-money-laundering program and its failure to report more than $5 billion in suspicious transactions to the Financial Crimes Enforcement Network. More than $1 billion of the transactions reportedly involved national security risks, including Chinese money-laundering networks.

Treasury Secretary Scott Bessent warned that compliance failures expose the financial system to illicit-finance risks.

The penalties come as Bank of America prepares to report its third-quarter earnings amid increased regulatory scrutiny.

Related Tweet:

Bank of America on Tuesday was fined $1.2 billion, a near-record, for overlooking money laundering and other suspicious customer payments that crisscrossed between the U.S. and countries such as Russia, Belarus and Mexico. https://t.co/L7t2pKVFsR

— The New York Times (@nytimes) October 14, 2026

Also Read:

How Changes In The Money Supply Affected The Great Depression

According to Friedman, because of the collapse in the money supply, economic growth followed suit.

tippinsightsTIPP Staff