US hits Bank of America with $1.2 billion fine, saying it violated money laundering, sanctions laws
Oct 13, 2026, 1:15 PM
Treasury Secretary Scott Bessent attends a meeting with President Donald Trump of the multinational political and security coalition "Shield of the Americas" on the sidelines the United Nations General Assembly, Tuesday, Sept. 22, 2026, at the UN headquarters. (AP Photo/Julia Demaree Nikhinson)
Credit: AP Photo/Julia Demaree Nikhinson
(AP Photo/Julia Demaree Nikhinson)
WASHINGTON (AP) — The U.S. 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.
The fines on America’s second-biggest bank amount to the third-largest in the department’s 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. “Today’s actions send a clear message that even the biggest financial institutions are not above the 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.”
