Bank of America faces more than $1.2 billion in AML and sanctions penalties
+9 new sources since this summary was written
On October 13, 2026, U.S. Treasury agencies imposed more than $1.21 billion in penalties on Bank of America after finding serious weaknesses in its anti-money-laundering and sanctions controls. FinCEN assessed $1.2 billion, while the OCC imposed $750 million that will be credited against the FinCEN assessment, and OFAC reached a separate $11.6 million settlement. Regulators said the bank had not flagged or reported more than $5 billion in suspicious transactions, while Bank of America will record a $1.2 billion third-quarter charge that lowers net income by $0.17 per share.
Why it matters
The enforcement creates a direct third-quarter earnings cost and requires additional remediation work, including an outside review of historical transactions and independent testing of compliance controls. The penalties also increase the bank’s regulatory and operational burden ahead of its third-quarter earnings report.
Key facts
- 1FinCEN assessed Bank of America $1.2 billion, while the OCC imposed a $750 million penalty. finance.yahoo.com
- 2The OCC penalty will be offset against the FinCEN assessment rather than added to the total. finance.yahoo.com
- 3OFAC separately reached an $11.6 million sanctions settlement with Bank of America. finance.yahoo.com
- 4Bank of America acknowledged intentional breaches of the Bank Secrecy Act. finance.yahoo.com
- 5The bank must use an outside party to examine previously unidentified suspicious transactions and independently assess its compliance controls. finance.yahoo.com
- 6Bank of America expects a $1.2 billion third-quarter charge that reduces net income by $0.17 per share. finance.yahoo.com
Summary written by AlphAI AI Desk from 14 of 14 sources. Not investment advice. Figures are as stated by the linked sources.