Bank of America Fined $1.2 Billion for Sanctions and Laundering Breaches

WHO:

ABC News - U.S. Treasury Department, Bank of America, Treasury Secretary Scott Bessent, Office of Foreign Assets Control, Financial Crimes Enforcement Network (FinCEN).

WHAT:

Bloomberg Markets - Bank of America’s stock fell more than 8% following the announcement of the fine and a third-quarter earnings report.

Bloomberg Markets - The bank's third-quarter revenue was reported at $30.12 billion, which was below Wall Street's predicted $30.69 billion.

Bloomberg Markets - The third-quarter results will include a non-tax-deductible charge of $1.2 billion, which will impact net income by approximately 17 cents per share.

Fast Company - The total penalty includes a $750 million fine from the Office of the Comptroller of the Currency (OCC), which is the largest fine in its history.

Fast Company - The $1.2 billion fine is the Treasury Department’s third largest in its history, following a $3.4 billion fine against Binance in 2023 and a $1.3 billion fine against TD Bank in the following year.

Bloomberg Markets - Bank of America reported $30.12 billion in revenue for the third quarter, falling short of Wall Street’s predicted $30.69 billion.

Bloomberg Markets - The third-quarter results will include a non-tax-deductible charge of $1.2 billion, impacting net income by approximately 17 cents per share.

Fast Company - Bank of America failed to report over $5 billion in suspicious activity to the Financial Crimes Enforcement Network (FinCEN).

Fast Company - Over $1 billion of the suspicious activity was related to national security and other priority illicit finance risks, including transactions indicative of Chinese Money Laundering Networks, fraud, and potential trade-based money laundering with a substantial nexus to the southwest border.

Fast Company - The total penalty includes an $11.6 million settlement agreement with the Office of Foreign Assets Control (OFAC) for 475 apparent violations of sanction programs against Russia, Iran, global terrorism, and narcotics.

Bloomberg Markets - Bank of America’s stock and fixed-income traders missed estimates in the third quarter.

Bloomberg Markets - The bank's bond-trading revenue fell 17% to $2.55 billion, and equity trading decreased 10% to $2.51 billion in the third quarter.

Bloomberg Markets - The bank's results were negatively impacted by a charge related to the regulatory penalty over money laundering and sanctions violations.

Bloomberg Markets - Bank of America’s bond-trading revenue fell 17% to $2.55 billion, and equity trading decreased 10% to $2.51 billion in the third quarter.

Bloomberg Markets - The bank's results were negatively impacted by a charge related to the regulatory penalty over money laundering and sanctions violations.

IJR - Bank of America was fined $1.2 billion on October 13, 2026, for money laundering and sanctions violations.

ABC News - The penalty includes a record $750 million fine to the U.S. Office of the Comptroller of the Currency, which is the largest fine ever imposed by that agency.

ABC News - The Treasury stated that Bank of America failed to mitigate and report priority national security risks, including issues related to Chinese Money Laundering Networks and illicit finance along the southwest border.

IJR - Bank of America was fined more than $1.21 billion for money laundering and sanctions violations.

NBC News - The penalty includes a record $750 million fine to the U.S. Office of the Comptroller of the Currency (OCC).

IJR - Bank of America failed to report over $5 billion in suspicious transactions.

ABC News - The U.S. Treasury Department imposed a $1.2 billion fine on Bank of America for violating anti-money laundering and sanctions laws.

ABC News - The fines are the third-largest in Treasury Department history.

ABC News - Bank of America reached an $11.6 million settlement with the Office of Foreign Assets Control over violations of sanctions programs.

ABC News - The penalty includes $750 million to the U.S. Office of the Comptroller of the Currency, the largest fine ever imposed by that agency.

ABC News - Bank of America admitted to willfully violating the 1970 Bank Secrecy Act.

WHERE:

ABC News - Washington, D.C. (location of the U.S. Treasury Department).

WHEN:

ABC News - The actions were announced on a Tuesday.

WHY:

Bloomberg Markets - The latest action is the third-largest penalty ever issued by the Treasury Department, behind a roughly $4 billion settlement in 2023 with Binance and an approximately $3 billion settlement with TD Bank the following year.

ABC News - Treasury Secretary Scott Bessent stated, “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 U.S. financial system to significant illicit finance risks.”

Bloomberg Markets - The U.S. Treasury stated that Bank of America failed to report over $5 billion in suspicious transactions.

ABC News - The Treasury Department stated that Bank of America's failure to meet its obligations exposed the U.S. financial system to significant illicit finance risks.

ABC News - The violations included issues related to Chinese Money Laundering Networks and illicit finance along the southwest border.

HOW:

Bloomberg Markets - Bank of America stated that costs associated with the fines are included in the company's "baseline."

Fast Company - The Treasury stated that the apparent violations occurred when Bank of America channeled correspondent banking payments through blocked banks due to technical and human error.

Bloomberg Markets - Bank of America stated, “Financial crime compliance is serious, and we are responsible for getting it right.”

ABC News - Bank of America stated, “We have invested billions of dollars in technology and dedicated thousands of employees to combat financial crime.”

ABC News - Bank of America stated it worked with regulators to reach the penalty resolutions stemming from violations cited in a previous 2024 Consent Order and FinCEN’s investigation.

ABC News - Bank of America has invested billions in technology and dedicated thousands of employees to combat financial crime.

(UPDATED October 14, 2026 19:57 UTC)

Bank of America’s stock dropped more than 8% after the bank announced a third-quarter revenue of $30.12 billion, falling short of Wall Street's expectations of $30.69 billion. The earnings report also revealed a non-tax-deductible charge of $1.2 billion, which is expected to reduce net income by about 17 cents per share. Bank of America indicated that the costs related to the fines are considered part of the company's "baseline."

(UPDATED October 14, 2026 19:04 UTC)

Bank of America has reported $30.12 billion in revenue for the third quarter, which is below Wall Street's expectations of $30.69 billion. Additionally, the bank will incur a non-tax-deductible charge of $1.2 billion, which is expected to reduce net income by about 17 cents per share. In regulatory news, the Office of the Comptroller of the Currency has imposed a historic $750 million fine, contributing to the Treasury Department's third largest fine ever at $1.2 billion.

(UPDATED October 14, 2026 16:02 UTC)

Bank of America has come under scrutiny for failing to report over $5 billion in suspicious activity to the Financial Crimes Enforcement Network, with more than $1 billion of that related to national security risks, including transactions tied to Chinese Money Laundering Networks and potential trade-based money laundering. The bank has agreed to an $11.6 million settlement with the Office of Foreign Assets Control for 475 apparent violations of sanctions against countries like Russia and Iran. According to the Treasury, these violations occurred when Bank of America processed correspondent banking payments through blocked banks due to a combination of technical and human errors.

(UPDATED October 14, 2026 13:59 UTC)

Bank of America reported disappointing results for its third quarter, with bond-trading revenue falling 17% to $2.55 billion and equity trading down 10% to $2.51 billion. The bank's performance was further affected by a significant charge related to a regulatory penalty for money laundering and sanctions violations, marking the third-largest penalty ever issued by the Treasury Department. In response to the situation, Bank of America emphasized the importance of financial crime compliance, stating, “Financial crime compliance is serious, and we are responsible for getting it right.”

(UPDATED October 14, 2026 13:09 UTC)

Bank of America reported a 17% drop in bond-trading revenue, bringing it down to $2.55 billion, while equity trading also saw a decline of 10%, totaling $2.51 billion in the third quarter. The bank's financial results were further affected by a charge linked to a regulatory penalty for money laundering and sanctions violations. These developments highlight the challenges the bank is facing in the current market environment.

(UPDATED October 14, 2026 05:58 UTC)

Bank of America has been fined $1.2 billion for money laundering and sanctions violations, marking a significant moment in financial regulation. This penalty includes a record $750 million fine to the U.S. Office of the Comptroller of the Currency, the largest ever imposed by that agency, as the Treasury highlighted the bank's failure to address critical national security risks. In response, Bank of America emphasized its commitment to combating financial crime, stating that it has invested billions in technology and dedicated thousands of employees to this effort.

(UPDATED October 14, 2026 02:04 UTC)

Bank of America has been hit with a hefty fine exceeding $1.21 billion for money laundering and sanctions violations. This penalty includes a record $750 million fine imposed by the U.S. Office of the Comptroller of the Currency. According to the U.S. Treasury, the bank failed to report more than $5 billion in suspicious transactions.

(UPDATED October 14, 2026 00:01 UTC)

Bank of America has come under scrutiny for failing to report over five billion dollars in suspicious transactions. This oversight has raised significant concerns regarding the bank's compliance with financial regulations. As investigations continue, the implications for the bank and its operations remain to be seen.

(UPDATED October 13, 2026 22:02 UTC)

The U.S. Treasury Department has imposed a staggering $1.2 billion fine on Bank of America for violating anti-money laundering and sanctions laws, marking it as the third-largest fine in Treasury history. This penalty includes $750 million to the U.S. Office of the Comptroller of the Currency, which is the largest fine ever imposed by that agency, and Bank of America has admitted to willfully violating the 1970 Bank Secrecy Act. The Treasury Department highlighted that the bank's failures exposed the U.S. financial system to significant illicit finance risks, particularly concerning Chinese Money Laundering Networks and issues along the southwest border.