US hits Bank of America with $1.2 billion fine, saying it violated money laundering, sanctions laws
The gist
The U.S. Treasury fined Bank of America $1.2 billion over money laundering and sanctions violations.
The penalty is the third-largest in Treasury history and hits earnings before Q3 results.
How it unfolded
- Oct 13, 2026The U.S. Treasury Department said it is imposing $1.2 billion in fines on Bank of America for allegedly violating anti-money laundering and sanctions laws — the third-largest fines in the department's history.
- Oct 13, 2026FinCEN assessed the $1.2 billion penalty over the bank's failure to mitigate and report priority national security risks; the package includes $750 million to the OCC, its largest-ever fine, and an $11.6 million OFAC settlement.
- Oct 13, 2026Bank of America shares fell 2.6% in after-hours trading following the announcement.