occ.gov OCC Fines Bank of America $750 Million for BSA/AML Violations
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- •OCC imposed a $750 million penalty on Bank of America for BSA/AML violations.
- •This is the largest civil money penalty in OCC history.
- •Bank of America has a history of compliance deficiencies despite previous orders to improve.
The Office of the Comptroller of the Currency (OCC) has imposed a historic $750 million civil money penalty against Bank of America for violations of the Bank Secrecy Act (BSA) and anti-money laundering (AML) regulations. This penalty is the largest ever assessed by the OCC against a bank. The OCC found that Bank of America failed to adequately address its BSA/AML compliance program, which has been under scrutiny since a cease-and-desist order was issued in December 2024. Comptroller Jonathan V. Gould stated that the bank's internal controls showed widespread breakdowns, posing risks to U.S. national and economic security. The bank processes hundreds of trillions of dollars in transactions annually, heightening its risk profile for money laundering and terrorist financing. Despite previous commitments to rectify its compliance issues, the bank's response has been deemed unacceptable by the OCC.
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