Bank of America Fined $1.2 Billion for AML and Sanctions Violations

• •Bank of America fined over $1.2 billion for AML and sanctions violations.
• •The penalties include the largest fine ever imposed by the OCC at $750 million.
• •The bank admitted to willfully violating the Bank Secrecy Act and failed to report over $5 billion in suspicious transactions.

The U.S. Treasury Department has imposed a penalty of over $1.2 billion on Bank of America for violations of anti-money laundering (AML) and sanctions laws. The Financial Crimes Enforcement Network (FinCEN) assessed a $1.2 billion fine for the bank's failure to report over $5 billion in suspicious transactions, including those linked to Chinese money laundering networks and illicit finance along the U.S. southwest border. Additionally, the Office of the Comptroller of the Currency (OCC) imposed a $750 million fine, marking its largest ever. The Office of Foreign Assets Control (OFAC) also reached an $11.6 million settlement with the bank for apparent sanctions violations. Treasury Secretary Scott Bessent emphasized that such failures expose the entire U.S. financial system to significant risks. Bank of America admitted to willfully violating the Bank Secrecy Act and has stated its commitment to improving compliance and addressing regulatory concerns.