US fines Bank of America $1.2bn for money laundering, sanctions violations

The second-largest US bank faces record penalties for failing to comply with sanctions and money laundering laws.Published On 14 Oct 202614 Oct 2026The US Treasury Department has imposed more than $1.21 billion in penalties against Bank of America, the second-largest bank in the US, for violating anti-money laundering and sanctions laws.The fines announced on Tuesday include the third-largest penalty in the department’s history, the US Treasury said in a statement.Recommended Stories list of 4 itemslist 1 of 4Majority in US say Trump prioritises personal wealth over all else: Polllist 2 of 4US Supreme Court agrees to hear watchdog case on Elon Musk’s DOGE recordslist 3 of 4Trump says Houthis trying to increase oil prices before US electionslist 4 of 4Scientists urge tighter AI controls to prevent global cyber risksend of list“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 US financial system to significant illicit finance risks,” US Treasury Secretary Scott Bessent said.He added that these “actions send a clear message that even the biggest financial institutions are n...