Fastrack · Bank of America Fined $1.2 Billion for Money-Laundering, Sanctions Violations

Bank of America faces more than $1.2 billion in federal penalties over anti-money-laundering and sanctions violations. Treasury announced the action Tuesday.

$5 billion-plus in suspicious transactions went unreported on time, Treasury says.
$750 million of the total goes to the OCC, its largest-ever penalty.
$11.6 million settles 475 apparent sanctions violations with OFAC.
Sanctions programs involved include Russia, Iran, Belarus, Burma and Somalia.

Why it matters: Treasury says over $1 billion of the unreported activity involved national security and other priority risks. That includes Chinese money-laundering networks and activity tied to the southwest border.

Treasury says the bank prioritized revenue over compliance resources.
Regulators say it leaned on outside referrals to detect suspicious activity.

How 23 sources split on this story

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Coverage by lean% of 23 sources

23 sources · 23 articles · 44% Center coverage

Center coverage, 10 sources: The center frames the penalty around the bank's compliance lapses and its impact on quarterly earnings.

CNBC3hBank of America hit with more than $1.2 billion in penalties over money-laundering violations Associated Press2hUS hits Bank of America with $1.2 billion fine, saying it violated money laundering, sanctions laws CTV News2hBank of America fined US$1.2 billion by U.S. government for failing to police suspicious activity Financial Times3hBank of America fined $1.2bn over money laundering failures News4Jax3hUS hits Bank of America with $1.2 billion fine, saying it violated money laundering, sanctions laws The Hill1hTreasury fines Bank of America $1.2B for violating money laundering, sanctions law The National Desk2hUS fines Bank of America $1.2B, saying it violated money laundering & sanctions law WFLA News Channel 81hUS hits Bank of America with $1.2B fine, saying it violated money laundering, sanctions laws WPXI Pittsburgh3hUS hits Bank of America with $1.2 billion fine, saying it violated money laundering, sanctions laws Yahoo News2hBank of America hit with $1.2 billion penalty over money laundering failures

Left coverage, 6 sources: The left frames the fine as historic and highlights Bessent's warning that even the biggest banks are not above the law.

NBC News3hBank of America ordered to pay historic $1.2 billion fine over alleged sanctions and anti-money laundering violations The Independent2hUS hits Bank of America with $1.2 billion fine, saying it violated money laundering, sanctions laws ABC News1hUS hits Bank of America with $1.2 billion fine, saying it violated money laundering, sanctions laws CNN2hBank of America fined $1.2 billion by Treasury Department for anti-money laundering and sanctions law violations The Boston Globe2hUS hits Bank of America with $1.2 billion fine for violating money laundering and sanctions laws The Washington Post2hTreasury Department imposes $1.2 billion penalty against Bank of America

Right7 sources

New York Post2hBank of America hit with $1.2B fine for money laundering, sanctions violations Newsmax2hUS Hits Bank of America With $1.2 Billion Fine NTD1hUS Hits Bank of America With $1.2 Billion Fine, Saying It Violated Money Laundering, Sanctions Laws The Center Square1hBofA fined $1.21B for failures it agreed to fix in 2024 The Epoch Times23hUS Hits Bank of America With $1.2 Billion in Penalties for Security Violations The Gateway Pundit1hNEW: Bank of America Hit with MASSIVE $1.2 Billion Fine Over Anti-Money Laundering Violations * The Gateway Pundit * by Cristina Laila Washington Examiner2hTreasury fines Bank of America $1.2B for violating anti-money laundering laws

What’s next: Bank of America reports third-quarter earnings shortly before 7 a.m. ET Wednesday. It will book a $1.2 billion non-tax-deductible charge.

The bank says remediation is far along and already in its expenses.
Will regulators require further remediation steps beyond the penalties announced?
Will the findings lead to scrutiny of other large banks' compliance programs?