{
  "id": 14327090,
  "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",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-13T23:55:49.000Z",
  "source": {
    "name": "South China Morning Post",
    "slug": "south-china-morning-post",
    "url": "https://www.scmp.com/news/world/united-states-canada/article/3370791/us-fines-bank-america-us12-billion-says-it-violated-money-laundering-sanctions-laws"
  },
  "original_language": "en",
  "account": "The US Treasury Department announced on Tuesday that it has imposed a fine of US$1.2 billion on Bank of America for alleged violations of money laundering and sanctions laws. This fine ranks as the third-largest in the department's history. Treasury Secretary Scott Bessent stated that when a bank of Bank of America's size fails to comply with anti-money-laundering and sanctions obligations, it poses risks to the entire US financial system. The fines also include a settlement of US$11.6 million with the Office of Foreign Assets Control for violations of various sanctions programs, including those targeting Iran, Russia, narcotics, and global terrorism. The Financial Crimes Enforcement Network assessed the US$1.2 billion penalty for Bank of America's failure to mitigate and report serious national security risks, including Chinese Money Laundering Networks and illicit finance along the southwest border. Bank of America admitted to wilfully violating the 1970 Bank Secrecy Act, which mandates banks to assist in detecting and preventing money laundering. This action is the third-largest penalty issued by the Treasury Department, following a US$4 billion settlement with cryptocurrency exchange Binance and a US$3 billion settlement with Canada-based TD Bank.",
  "summary": "The US Treasury Department said on Tuesday that it was imposing US$1.2 billion in fines on Bank of America for allegedly violating anti-money-laundering and sanctions laws. The fines on America’s second-biggest bank amount to the third-largest in the department’s history. “When a bank of this size fails to meet its anti-money-laundering and sanctions obligations, the consequences extend far…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 4,
    "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": "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."
}