Bank of America fined $1.2bn for money laundering failures

AI-generated briefing · First published 2026-10-14 13:15:57 UTC

US regulators fined Bank of America $1.2bn for failing to report over $5bn in suspicious activity, including $1bn tied to national security risks.

US regulators fined Bank of America $1.2bn for failing to report over $5bn in suspicious activity, including $1bn tied to national security risks from China and the southwest border. [1] [2] [3]

The Treasury called the fine the third-largest in its history. The bank admitted willful violations of the Bank Secrecy Act and will hire an independent reviewer to identify missed suspicious transactions. [2] [3]

Bank of America said the charge will cut third-quarter net income by about 17 cents per share. Shares fell 2.7% in after-hours trading. [2] [3]

Sources

1. Bank of America fined $1.2bn over money laundering failures

   FT Markets · 2026-10-13 20:00:06 UTC · Summary only

2. Bank of America fined US$1.2bn

   RTHK Finance · 2026-10-14 00:09:30 UTC · Excerpt

3. Bank of America hit with $1.2bn fine for money laundering failings

   BBC Business · 2026-10-14 02:05:32 UTC · Full text

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