Bank Of America Fined $1.2B

The Treasury DepartmentDepartment of the TreasuryUnited States federal executive department imposed about $1.21 billion in penalties on Bank of AmericaBank of AmericaAmerican multinational banking and financial services corporation over anti-money-laundering and sanctions failures. FinCENFinancial Crimes Enforcement Networkbureau of the United States Department of the Treasury said its $1.2 billion penalty includes the OCCOffice of the Comptroller of the CurrencyAmerican federal government organization’s $750 million penalty. OFAC separately settled apparent sanctions violations for $11.6 million. FinCEN said the bank admitted willful Bank Secrecy Act violations, including failures to file suspicious-activity reports. Treasury said the bank prioritized revenue over its own controls. The action followed a 2024 OCC order requiring fixes to compliance problems regulators said remained unresolved. Bank of America said it had invested billions to combat financial crime. The bank said the penalties would cut third-quarter net income by about 17 cents per share.