US Treasury imposes more than $1.21 billion in penalties on Bank of America for anti-money laundering and sanctions failures

International Finance and Law Economy & Banking Reports & Indices

US Treasury imposes more than $1.21 billion in penalties on Bank of America for anti-money laundering and sanctions failures

13 October 2026

The US Treasury announced enforcement actions imposing more than $1.21 billion in penalties against Bank of America, the second-largest bank in the United States.
The Financial Crimes Enforcement Network (FinCEN) assessed a $1.2 billion penalty, which includes credit for the OCC fine, for failing to mitigate and report risks including Chinese Money Laundering Networks and illicit finance along the southwest border.
The Office of the Comptroller of the Currency (OCC) assessed a $750 million penalty, the largest in its history.
The Office of Foreign Assets Control (OFAC) announced an $11.6 million settlement over apparent violations of sanctions programmes including those on Iran and Russia.
Treasury called the package the third-largest penalty in its history.

Total penalties: More than $1.21 billion FinCEN penalty: $1.2 billion OCC penalty: $750 million OFAC settlement: $11.6 million

Why it matters for exams: Anti-money laundering rules, sanctions compliance and regulators such as FinCEN are common in banking and economy papers.

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13 October 2026 Source: US Department of the Treasury

In plain words

FinCEN Financial Crimes Enforcement Network — The US Treasury bureau that fights money laundering and other financial crime.

OFAC Office of Foreign Assets Control — The Treasury office that administers and enforces US sanctions.

OCC Office of the Comptroller of the Currency — The regulator of national banks in the United States.