{
  "id": 14422947,
  "title": "Bank of America hit with $1.2bn fine for money laundering failings",
  "url": "https://urgent.news/2026/10/14/bank-of-america-hit-with-1-2bn-fine-for-money-laundering-failings-14422947",
  "topic": "world",
  "section": "World",
  "published": "2026-10-14T10:12:07.000Z",
  "source": {
    "name": "Adom Online",
    "slug": "adom-online",
    "url": "https://www.adomonline.com/bank-of-america-hit-with-1-2bn-fine-for-money-laundering-failings/"
  },
  "original_language": "en",
  "account": "The U.S. Treasury Department has imposed a $1.2 billion fine on Bank of America for failing to detect potential money laundering and other illegal activities, the department announced on Tuesday. The banking giant allegedly failed to report over $5 billion in suspicious activity to the government, with $1 billion posing national security and illicit finance risks. This included not flagging transactions possibly involving Chinese money laundering networks or trade-based laundering linked to the southwest border, according to the Treasury. Bank of America stated that its team is committed to addressing the issues raised by regulators. The fine, the third-largest ever imposed by the department, came less than 24 hours before Bank of America was set to announce its quarterly earnings. Bank of America acknowledged willfully violating the Bank Secrecy Act by not maintaining a compliant anti-money laundering program, conducting required due diligence on foreign correspondent accounts, and filing suspicious activity reports. The settlement included $750 billion in penalties from the Office of the Comptroller of the Currency (OCC), the largest ever levied by the OCC, and $11.6 million from the Office of Foreign Assets Control (OFAC) for 475 apparent violations of sanctions programmes, including those on Russia and Iran, narcotics, and global terrorism.",
  "summary": "Bank of America has been fined $1.2bn (£910m) for failing to detect potential money laundering and other illegal activity, the US Treasury Department said on Tuesday. The banking giant failed to report over $5bn in suspicious activity to the government, $1bn of which posed national security and illicit finance risks, the Treasury said. Those failures […]",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 10,
    "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"
      },
      {
        "outlet": "BBC World",
        "title": "Bank of America hit with $1.2bn fine for money laundering failings",
        "url": "https://urgent.news/2026/10/14/bank-of-america-hit-with-1-2bn-fine-for-money-laundering-failings-14367521",
        "published": "2026-10-14T02:05:32.000Z"
      },
      {
        "outlet": "Gulf News",
        "title": "US hits Bank of America with $1.2 billion fine, saying it violated money laundering, sanctions laws",
        "url": "https://urgent.news/2026/10/14/us-hits-bank-of-america-with-1-2-billion-fine-saying-it-violated",
        "published": "2026-10-14T02:51:06.000Z"
      },
      {
        "outlet": "MyJoyOnline Ghana",
        "title": "Bank of America hit with $1.2bn fine for money laundering failings",
        "url": "https://urgent.news/2026/10/14/bank-of-america-hit-with-1-2bn-fine-for-money-laundering-failings",
        "published": "2026-10-14T02:55:00.000Z"
      },
      {
        "outlet": "KahawaTungu",
        "title": "Bank of America hit with $1.2bn fine for money laundering failings",
        "url": "https://urgent.news/2026/10/14/bank-of-america-hit-with-1-2bn-fine-for-money-laundering-failings-14358562",
        "published": "2026-10-14T03:01:46.000Z"
      },
      {
        "outlet": "Handelsblatt",
        "title": "US bank: Over $1.2 billion fine for Bank of America",
        "url": "https://urgent.news/2026/10/14/us-gro-bank-uber-1-2-milliarden-dollar-strafe-fur-bank-of-america",
        "published": "2026-10-14T04:51:27.000Z"
      },
      {
        "outlet": "KBC",
        "title": "Bank of America hit with $1.2bn fine for money laundering failings",
        "url": "https://urgent.news/2026/10/14/bank-of-america-hit-with-1-2bn-fine-for-money-laundering-failings-14393605",
        "published": "2026-10-14T07:28:39.000Z"
      }
    ]
  },
  "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."
}