{
  "id": 14299702,
  "title": "Bank of America fined $1.2bn over claimed sanctions breaches",
  "url": "https://urgent.news/2026/10/13/bank-of-america-fined-1-2bn-over-claimed-sanctions-breaches-14299702",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-13T21:18:53.000Z",
  "source": {
    "name": "The National Business",
    "slug": "the-national-business",
    "url": "https://www.thenationalnews.com/business/banking/2026/10/13/bank-of-america-fined-12bn-over-claimed-sanctions-breaches/"
  },
  "original_language": "en",
  "account": "The Treasury Department has imposed a $1.2 billion fine on Bank of America for alleged breaches of anti-money laundering and sanctions laws, making it the third-largest fine in its history. The Office of Foreign Assets Control also settled with the bank for $11.6 million over 475 violations related to sanctions against Russia, Belarus, Iran, Burma, Somalia, narcotics, and global terrorism. In total, the bank is required to pay $1.213 billion. Bank of America, the second-largest bank in the US with over 70 million clients, processes approximately $4.5 trillion in payments annually. The company admitted to wilfully breaching the Bank Secrecy Act, which mandates banks to assist the Treasury in detecting and preventing money laundering. The violations involved failing to report more than $5 billion in suspicious transactions, with $1 billion implicating national security risks linked to Chinese money laundering networks, fraud, and other border-related activities. Additionally, Bank of America received a cease-and-desist order from the Office of the Comprotroller of the Currency in 2024 due to deficiencies in its Bank Secrecy Act and compliance programs. The bank's response to these issues was deemed unacceptable by Jonathan Gould, Comroller of the Currency.",
  "summary": "Bank of America was ordered to pay more than $1.2 billion in fines after the Treasury Department said the company breached anti-money laundering and sanctions laws, the agency said on Tuesday. The Treasury Department said the fine is the third-largest in its history. Bank of America was also ordered to pay $750 million to the Office of the Comprotroller of the Currency, the largest ever issued by…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 4,
    "also_reported_by": [
      {
        "outlet": "ABC News AU",
        "title": "Live: Bank of America fined $US1.2 billion for anti-money laundering failures",
        "url": "https://urgent.news/2026/10/13/live-bank-of-america-fined-us1-2-billion-for-anti-money-laundering",
        "published": "2026-10-13T21:13:09.000Z"
      },
      {
        "outlet": "ABC News (US)",
        "title": "US hits Bank of America with $1.2 billion fine, saying it violated money laundering, sanctions laws",
        "url": "https://urgent.news/2026/10/13/us-hits-bank-of-america-with-1-2-billion-fine-saying-it-violated",
        "published": "2026-10-13T21:17:53.000Z"
      },
      {
        "outlet": "The National UAE",
        "title": "Bank of America fined $1.2bn over claimed sanctions breaches",
        "url": "https://urgent.news/2026/10/13/bank-of-america-fined-1-2bn-over-claimed-sanctions-breaches",
        "published": "2026-10-13T21:18:53.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}