Bank of America Faces $1.2 Billion Fine Over Money Laundering Failures

Bank of America faces a $1.2 billion penalty after U.S. regulators found serious weaknesses in its anti-money laundering controls and failures to report suspicious financial transactions. Announced on October 13, 2026, the enforcement action concerns billions of dollars in potentially suspicious payments and continued compliance problems despite an earlier regulatory order. The U.S. Treasury Department and the Office of the Comptroller of the Currency (OCC) said the bank failed to properly monitor trillions of dollars in transactions. These weaknesses led to numerous delayed suspicious activity reports (SARs), including reports involving billions of dollars and indicators of possible money laundering.

Also reported by Protos.

Source: TronWeekly