{
  "id": 14489353,
  "title": "‘The biggest financial institutions are not above the law’: Bessent hits BofA with $1.2 billion fine for money laundering—the third-largest in history",
  "url": "https://urgent.news/2026/10/14/the-biggest-financial-institutions-are-not-above-the-law-bessent-hits",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-14T15:44:37.000Z",
  "source": {
    "name": "Fortune",
    "slug": "fortune",
    "url": "https://fortune.com/2026/10/14/bessent-bank-of-america-1-2-billion-fine-money-laundering/"
  },
  "original_language": "en",
  "account": "U.S. Treasury Secretary Scott Bessent announced a $1.2 billion fine imposed on Bank of America for alleged violations of anti-money laundering and sanctions laws. This fine makes it the third-largest in Treasury Department history. Bessent warned that such failures can put the entire U.S. financial system at risk from illicit finance. In addition to the fine, Bank of America also settled with the Treasury's Office of Foreign Assets Control for $11.6 million over alleged violations of various sanctions programs, including those targeting Iran, Russia, narcotics, and global terrorism. The Financial Crimes Enforcement Network (FinCEN) assessed the $1.2 billion penalty for Bank of America's inability to mitigate and report national security risks, such as Chinese money laundering networks and illicit finance along the southwest border. Bank of America admitted to willfully violating the 1970 Bank Secrecy Act, which mandates banks to assist in detecting and preventing money laundering. The bank stated that they have invested significantly in technology and personnel to combat financial crime, and are committed to completing the required work to address the regulators' concerns. The latest fine ranks third behind a $4 billion settlement with cryptocurrency exchange Binance in 2023 and a $3 billion settlement with Canadian bank TD Bank the following year.",
  "summary": "The penalty includes $750 million that will go to the U.S. Office of the Comptroller of the Currency, the largest fine ever imposed by that federal bank regulatory agency.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 3,
    "also_reported_by": [
      {
        "outlet": "Bloomberg",
        "title": "BofA Sheds $30 Billion in Value as Years of Lapses Come to Light",
        "url": "https://urgent.news/2026/10/14/bofa-sheds-30-billion-in-value-as-years-of-lapses-come-to-light",
        "published": "2026-10-14T15:52:32.000Z"
      },
      {
        "outlet": "PYMNTS",
        "title": "Bank of America Profits Fall 17% Following $1.2 Billion Money Laundering Fine",
        "url": "https://urgent.news/2026/10/14/bank-of-america-profits-fall-17-following-1-2-billion-money",
        "published": "2026-10-14T16:27:56.000Z"
      }
    ]
  },
  "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."
}