BUSINESS

Bank of America Faces Record $1 2 Billion

PUBLISHED Oct 13, 2026, 9:05 PM ET

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The U.S. Treasury Department announced a more than $1.2 billion penalty against Bank of America for violating anti‑money laundering and sanctions laws. The second‑largest U.S. bank failed to mitigate and report priority national security risks, including Chinese money‑laundering networks and illicit finance along the southwest border. Treasury Secretary Scott Bessent warned that such failures expose the entire financial system to significant illicit finance risks. Bank of America said it is working with regulators to resolve the penalty and has invested billions in technology to combat financial crime. The fine will impact the bank’s quarterly earnings, with a non‑tax‑deductible charge expected to reduce net income by approximately seventeen cents per share. This fine is the third‑largest ever imposed by FinCEN, following a $3.4 billion penalty against Binance in 2023 and a $1.3 billion penalty against TD Bank in 2024.

By Nathan B. | JQJO News

Timeline of Events

2023 — FinCEN imposed $3.4 billion fine on Binance for money laundering

News Intelligence

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