Business & Finance
US Treasury fines Bank of America $1.2 billion over money-laundering, sanctions violations
The penalties include a $750 million OCC fine and an $11.6 million sanctions settlement; Treasury says the bank admitted willful Bank Secrecy Act violations.
The short version
- Treasury imposed about $1.2 billion in penalties on Bank of America for anti-money laundering and sanctions violations.[Associated Press · CNBC]
- Treasury says the bank admitted willfully violating the Bank Secrecy Act, and the Comptroller of the Currency's $750 million penalty is part of the total.[CNBC]
- Treasury also announced an $11.6 million sanctions settlement, and the bank says its remediation is advancing.[CNBC]
Key facts
- The U.S. Treasury Department imposed $1.2 billion in penalties on Bank of America for anti-money laundering and sanctions law violations.[Associated Press · CNBC]
- Bank of America admitted it willfully violated the Bank Secrecy Act, according to Treasury.[CNBC]
- The Office of the Comptroller of the Currency announced a $750 million civil money penalty, credited toward the total and the largest the office has ever levied.[CNBC]
- Treasury separately announced an $11.6 million settlement over sanctions violations.[CNBC]
- Treasury Secretary Scott Bessent said the actions show that even the largest financial institutions are not above the law.[CNBC]
- Bank of America said it has invested billions in compliance and that its remediation efforts are advancing.[CNBC]
What remains uncertain
- Bank of America's statements about its compliance investments and remediation progress are the bank's own characterization and have not been independently verified.[CNBC]
Sources
Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.
- Bank of America fined $1.2 billion over money-laundering violationsCNBC
- US hits Bank of America with $1.2 billion fine, saying it violated money laundering, sanctions lawsAssociated Press · Wire: associated-press
- Bank of America ordered to pay historic $1.2 billion over alleged sanctions law violationsNBC News - Top Stories
- US hits Bank of America with $1.2 billion fine, saying it violated money laundering, sanctions lawsABC News - Business
- US fines Bank of America $1.2bn for money laundering, sanctions violationsAl Jazeera
- Bank of America hit with $1.2bn fine for money laundering failingsBBC News - Business
- Bank of America fined $1.2bn for money laundering failuresThe Guardian - World
- U.S. hits Bank of America with $1.2 billion fine, saying it violated money laundering and sanctions lawsPBS NewsHour - Politics