Story perspectives

U.S. Treasury Fines Bank of America $1.2B for AML

By Drooid · Oct 13, 2026, 11:23 PM UTC · How we work

Summary

Story summary

U.S. Treasury imposed a $1.2 billion penalty on Bank of America for alleged anti-money-laundering and sanctions violations.
The penalty includes a $750 million fine for the Office of the Comptroller of the Currency, the agency’s largest ever.
Bank of America settled an $11.6 million payment with the Office of Foreign Assets Control over alleged sanctions violations.
Treasury Secretary Scott Bessent said the action shows even the biggest banks are not above the law.

History

Historical Context

In July 2012 a U.S. Senate report exposed HSBC’s anti-money-laundering breaches, prompting the Treasury and Justice Department to impose a record $1.9 billion penalty that year. That precedent shaped regulator strategy, and in 2024 the Treasury, together with the OCC and OFAC, levied a $1.2 billion fine on Bank of America, reinforcing the trend of escalating AML sanctions.

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Story summary

U.S. Treasury imposed a $1.2 billion penalty on Bank of America for alleged anti-money-laundering and sanctions violations.
The penalty includes a $750 million fine for the Office of the Comptroller of the Currency, the agency’s largest ever.
Bank of America settled an $11.6 million payment with the Office of Foreign Assets Control over alleged sanctions violations.
Treasury Secretary Scott Bessent said the action shows even the biggest banks are not above the law.

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