By SNN Newsroom | October 14, 2026
Federal regulators announced more than $1.21 billion in combined penalties and settlements against Bank of America on October 13, citing serious deficiencies in anti-money-laundering controls, suspicious-activity reporting and compliance with U.S. sanctions requirements.
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) assessed a $1.2 billion penalty. The Office of the Comptroller of the Currency (OCC) separately assessed a $750 million penalty for deficient Bank Secrecy Act controls, and the Office of Foreign Assets Control (OFAC) announced an $11.6 million sanctions settlement.
The $750 million OCC assessment is credited toward FinCEN’s $1.2 billion penalty; it is not an additional $750 million on top of the stated total. The OCC explicitly described the credit in its enforcement announcement.
FinCEN says the bank admitted willful violations of Bank Secrecy Act obligations involving monitoring, due diligence and suspicious-activity reporting. The agency reported that more than $5 billion in potentially suspicious transactions were not reported promptly. The OFAC settlement addresses apparent violations of several sanctions programs; it is a separate civil enforcement resolution, not a criminal conviction.
Regulators imposed remedial requirements, including independent program reviews and efforts to identify and report transactions missed by previous monitoring. Those continuing obligations are subject to regulator supervision.
Primary sources: Treasury Department enforcement announcement; FinCEN consent-order announcement; OCC penalty and credit statement.
