The U.S. Department of the Treasury announced penalties totaling $1.21 billion against Bank of America for violations of anti-money-laundering laws and the sanctions regime. This is stated in the department’s publication.

The Financial Crimes Enforcement Network fined the bank because it failed to promptly report suspicious transactions totaling more than $5 billion. It is noted that more than $1 billion of this amount was linked to national security risks, including the activities of Chinese money-laundering networks.

The Office of the Comptroller of the Currency (OCC) imposed a $750 million penalty for deficiencies in the financial monitoring system. In the regulator’s view, the bank failed to exercise adequate oversight of transactions worth trillions of dollars and did not remedy the violations even after an order issued in December 2024.

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