{
  "id": 14341655,
  "title": "Bank of America hit with $1.2 billion penalty over money laundering allegations",
  "url": "https://urgent.news/2026/10/13/bank-of-america-hit-with-1-2-billion-penalty-over-money-laundering",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-13T21:03:58.000Z",
  "source": {
    "name": "Axios",
    "slug": "axios",
    "url": "https://www.axios.com/2026/10/13/treasury-bank-america-fine"
  },
  "original_language": "en",
  "account": "The Treasury Department announced penalties exceeding $1.2 billion against Bank of America on Tuesday for repeated failures to report suspicious transactions and address issues within its anti-money-laundering program. This marks the third-largest penalty in Treasury history. Treasury Secretary Scott Bessent emphasized that the action sends a strong message that even the largest financial institutions are subject to the law. The civil case follows a recent $350 million fine imposed on American Express for similar failures to detect and report potential money laundering activities. Bank of America admitted to willfully violating federal anti-money-laundering laws, including inadequate safeguards and delayed reporting of suspicious transactions. The bank failed to adequately monitor trillions of dollars in transactions, resulting in over $5 billion in suspicious activity that was either unreported or reported late. Notable amounts included more than $1 billion in potential national security risks, such as Chinese money-laundering networks and suspected trade-based money laundering linked to the U.S.-Mexico border. The Office of the Comptroller of the Currency also imposed a $750 million civil penalty, the largest in its history, alongside an $11.6 million settlement with Bank of America over multiple U.S. sanctions violations. Bank of America has been working to improve its anti-money-laundering program since a December 2024 regulatory order, but regulators noted that significant problems persisted. The bank prioritized revenue over compliance resources at times, relying on law enforcement and outside sources to identify suspicious activity. Bank of America claimed to have invested billions in technology and dedicated thousands of employees to combating financial crime, stating that its team is committed to addressing the issues raised by regulators. The bank will record a $1.2 billion, non-tax-deductible charge in its third-quarter earnings, acknowledging that costs associated with compliance efforts are already reflected in its expenses.",
  "summary": "The Treasury Department on Tuesday announced more than $1.2 billion in penalties against Bank of America for years of failures to report suspicious transactions and address shortcomings in its anti-money-laundering program. Why it matters: The action includes the third-largest penalty in Treasury history. What they're saying: \"Today's actions send a clear message that even the biggest financial…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Expansion ES",
        "title": "Bank of America, fined $1.210 billion for violating money laundering and sanctions laws",
        "url": "https://urgent.news/2026/10/14/bank-of-america-multado-con-1-210-millones-de-dolares-por-violar-las",
        "published": "2026-10-14T00:32:45.000Z"
      }
    ]
  },
  "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."
}