🏦🇺🇸 US Treasury Imposes $1.21 Billion in Penalties on Bank of America

The US Treasury Department has imposed more than $1.21 billion in penalties on Bank of America over violations of anti-money laundering and sanctions requirements, according to an announcement reported by Al Jazeera on October 14, 2026.

The Financial Crimes Enforcement Network (FinCEN) assessed a $1.2 billion penalty, citing failures to properly identify and report suspicious transactions. The Treasury said the bank failed to report more than $5 billion in suspicious transactions in a timely manner.

Separately, the Office of Foreign Assets Control (OFAC) announced an $11.6 million settlement over 475 apparent sanctions violations involving multiple programmes, including those related to Iran, Russia, narcotics and global terrorism. The bank also faced a $750 million penalty from the Office of the Comptroller of the Currency, with credit for that penalty included in FinCEN’s calculation.

📰 Source: Al Jazeera