{
  "id": 14319275,
  "title": "US fines Bank of America US$1.2bil for anti-money laundering violations",
  "url": "https://urgent.news/2026/10/13/us-fines-bank-of-america-us-1-2bil-for-anti-money-laundering-14319275",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-13T22:23:56.000Z",
  "source": {
    "name": "Free Malaysia Today",
    "slug": "free-malaysia-today-freemalays",
    "url": "https://www.freemalaysiatoday.com/category/business/2026/10/14/us-fines-bank-of-america-us-1-2bil-for-anti-money-laundering-violations"
  },
  "original_language": "en",
  "account": "The US Treasury Department has imposed penalties of over US$1.2 billion on Bank of America for violations of anti-money laundering and sanctions laws, according to a Tuesday announcement. The second-largest US bank failed to properly report more than US$5 billion in suspicious transactions, some involving national security risks and Chinese money laundering networks. The charge includes a US$750 million civil penalty from the Office of the Comptroller of the Currency (OCC) and a US$11.6 million settlement with the bank over alleged violations of sanctions programs. Treasury Secretary Scott Bessent emphasized that the penalties send a message that even large financial institutions are accountable to the law. Bank of America's third-quarter earnings report will be impacted by the US$1.2 billion charge, which will reduce net income by around 17 cents per share. The bank has agreed to work with a third party to identify undetected suspicious transactions and undergo an independent review of its monitoring programs. A cease-and-desist order will remain in effect until the issues are resolved, with the deadline set for December 2024.",
  "summary": "The US treasury department said the country's second-largest bank failed to properly report more than US$5 billion in 'suspicious transactions'.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 5,
    "also_reported_by": [
      {
        "outlet": "Free Malaysia Today",
        "title": "US fines Bank of America US$1.2bil for anti-money laundering violations",
        "url": "https://urgent.news/2026/10/13/us-fines-bank-of-america-us-1-2bil-for-anti-money-laundering",
        "published": "2026-10-13T22:23:56.000Z"
      },
      {
        "outlet": "Hindustan Times - World News",
        "title": "Bank of America fined $1.21 billion as regulators cite failures involving $5 billion in suspicious activity: What went wrong?",
        "url": "https://urgent.news/2026/10/13/bank-of-america-fined-1-21-billion-as-regulators-cite-failures",
        "published": "2026-10-13T23:04:54.000Z"
      },
      {
        "outlet": "South China Morning Post",
        "title": "US fines Bank of America US$1.2 billion, says it violated money laundering, sanctions laws",
        "url": "https://urgent.news/2026/10/13/us-fines-bank-of-america-us-1-2-billion-says-it-violated-money",
        "published": "2026-10-13T23:55:49.000Z"
      },
      {
        "outlet": "Bloomberg",
        "title": "Bank of America Fined More Than $1.2 Billion for Money-Laundering",
        "url": "https://urgent.news/2026/10/13/bank-of-america-fined-more-than-1-2-billion-for-money-laundering",
        "published": "2026-10-13T23:58:52.000Z"
      }
    ]
  },
  "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."
}