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Treasury announces more than $1.21 billion in Bank of America penalties

Treasury announces anti-money-laundering and sanctions enforcement; the OCC penalty counts toward the total. Bank of America says it has invested billions in compliance.

By NewsCubby Editorial Desk · Published October 13, 2026 at 5:52 PM EDT

The U.S. Treasury announced more than $1.21 billion in penalties against Bank of America on October 13 over anti-money-laundering and sanctions compliance. Treasury says the bank admitted violations of Bank Secrecy Act requirements, including failures in its compliance program and suspicious-activity reporting.

The actions include a $1.2 billion FinCEN penalty, a $750 million OCC penalty and an $11.6 million sanctions settlement. CNBC reporters Luke Fountain and Kevin Breuninger explain that the OCC amount is credited toward the combined penalty; the three figures should not simply be added together.

In a statement reported by CNBC, Bank of America says it has invested billions in compliance and is far along in its remediation work. The bank says the penalties will produce a $1.2 billion charge in its third-quarter results. Treasury also requires a review of previously undetected suspicious transactions and independent checks of parts of the bank’s compliance system.

Treasury announces more than $1.21 billion in Bank of America penalties

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