Bank of America Fined $1.21 Billion for Failing to Flag Suspected Money Laundering Activities

04:41 PM EDT, 10/13/2026 (MT Newswires) -- Bank of America (BAC) was imposed with a fine of over $1.21 billion for failing to flag $5 billion in suspicious transactions to the Financial Crimes Enforcement Network linked to potential Chinese money-laundering networks and illicit finance around the southern US border, the US Treasury said late Tuesday. The penalty includes a $750 million civil money penalty from the Office of the Comptroller of the Currency, according to the Treasury. The Office of Foreign Assets Control also reached an $11.6 million settlement with the bank over "apparent" violations of multiple sanctions programs, including on Iran, Russia, narcotics, and global terrorism.