Bank of America Fined $1.2B

The Treasury DepartmentDepartment of the TreasuryUnited States federal executive department imposed more than $1.21 billion in penalties on Bank of AmericaBank of AmericaAmerican multinational banking and financial services corporation for anti-money-laundering and sanctions violations. The bank admitted it willfully violated the Bank Secrecy Act by failing to keep adequate controls and file required suspicious-activity reports. The OCCOffice of the Comptroller of the CurrencyAmerican federal government organization said the bank had been under a December 2024 order to fix its anti-money-laundering program, but had not completed required corrective actions. Bank of America said it worked with regulators, invested in technology and staff, and remained committed to remediation. Treasury said the bank failed to timely report more than $5 billion in suspicious transactions. The settlement requires an independent third party to investigate missed suspicious activity.