U.S. regulators announced three Bank of America actions totaling $1.9617 billion in stated amounts.
Why it matters: The actions address anti-money-laundering, reporting and sanctions failures, including more than $5 billion in suspicious transactions that FinCEN said were not reported on time. The OCC said Bank of America remains subject to a December 2024 cease-and-desist order, so compliance obligations continue.
- FinCEN assessed Bank of America a $1.2 billion penalty for alleged Bank Secrecy Act and anti-money-laundering violations.
- The OCC separately imposed a $750 million civil money penalty, which it called the largest in the agency's history.
- OFAC reached an $11.7 million settlement covering 475 apparent sanctions violations.
- FinCEN said more than $5 billion in suspicious transactions were not reported on time.
The Treasury Department announced three separate enforcement actions against Bank of America on October 13, 2026: a $1.2 billion FinCEN penalty, a $750 million OCC civil money penalty and an $11.7 million OFAC settlement. The amounts total $1.9617 billion as stated penalties and settlement figures, but the materials do not establish that they represent a combined cash outflow or accounting charge. Treasury described the actions as involving anti-money-laundering and sanctions violations, including activity tied to Chinese money-laundering networks and illicit finance linked to the U.S. southwest border.
FinCEN said Bank of America willfully violated the Bank Secrecy Act, failed to maintain an adequate anti-money-laundering program, did not conduct required correspondent-account due diligence and failed to file suspicious-activity reports. The agency said more than $5 billion in suspicious transactions were not reported on time, including more than $1 billion involving national-security or other priority illicit-finance risks. FinCEN announced the $1.2 billion penalty.
The OCC separately assessed the $750 million civil money penalty and said Bank of America's monitoring system failed to properly monitor trillions of dollars in transactions, contributing to late suspicious-activity reports. The OCC said the bank remains subject to a December 2024 cease-and-desist order. The OCC release does not specify a new compliance deadline.
OFAC reached the $11.7 million settlement over 475 apparent sanctions violations involving Russia, Belarus, Iran, Burma, Somalia, narcotics and global terrorism. OFAC detailed the settlement.
By the numbers
- $1.2 billion - FinCEN penalty
- $750 million - OCC civil money penalty
- $11.7 million - OFAC settlement covering 475 apparent violations
Yes, but: The $1.9617 billion figure is the sum of the agencies' stated amounts. The materials do not establish Bank of America's net financial cost, accounting treatment or whether any amount was accrued or offset.
What's next: Bank of America remains subject to the December 2024 cease-and-desist order, according to the OCC release. The materials do not specify a new compliance deadline.