14.10.2026 08:12
The U.S. Department of the Treasury fined Bank of America, the country's second-largest bank, more than $1.21 billion for failing to fulfill its anti-money laundering obligations and violating sanctions laws. It was stated that the bank failed to timely report suspicious transactions exceeding $5 billion and violated various sanctions programs, including Iran and Russia. U.S. Treasury Secretary Scott Bessent emphasized that even the largest financial institutions are not above the law.
The U.S. Department of the Treasury announced that, following investigations into Bank of America, a fine of more than $1.21 billion was imposed on the bank.
The Department stated that the decision included the third-largest fine in its history and was record-setting for the Office of the Comptroller of the Currency (OCC).
The grounds for the penalty included failure to comply with anti-money laundering rules, failure to timely report suspicious transactions, and violation of international sanctions programs.
DID NOT TIMELY REPORT $5 BILLION IN SUSPICIOUS TRANSACTIONS
In the investigation conducted by the Financial Crimes Enforcement Network (FinCEN), attached to the U.S. Department of the Treasury, it was determined that Bank of America failed to report more than $5 billion in suspicious transactions within the legally required periods.
It was stated that the portion of these transactions exceeding $1 billion was linked to illicit financing risks deemed a national security priority.
The suspicious activities included transactions that could be linked to China-based money laundering networks, fraud activities, and possible trade-based money laundering movements associated with the U.S. southwestern border.
TRILLIONS OF DOLLARS IN TRANSACTIONS WERE NOT ADEQUATELY MONITORED
In the assessment conducted by the OCC, it was determined that there were serious deficiencies in the bank's transaction monitoring system.
It was stated that the bank could not properly monitor trillions of dollars in financial movements, and therefore numerous suspicious transaction reports covering billions of dollars were delayed.
Officials drew attention to the fact that these deficiencies made it difficult to detect illicit financing activities.
ALSO VIOLATED IRAN AND RUSSIA SANCTIONS
The Office of Foreign Assets Control (OFAC), attached to the U.S. Department of the Treasury, also announced that Bank of America violated various sanctions programs.
It was stated that the violations covered sanctions programs related to Iran, Russia, drug trafficking, and global terrorism.
It was reported that OFAC reached a $11.6 million settlement agreement with the bank due to the violations in question.
U.S. TREASURY SECRETARY: NO INSTITUTION IS ABOVE THE LAW
In his statement regarding the decision, U.S. Treasury Secretary Scott Bessent emphasized that large financial institutions' failure to fulfill their legal obligations creates serious risks for the entire financial system.
Bessent stated that a large-scale institution such as Bank of America failing to comply with anti-money laundering and sanctions rules exposes not only the bank but the entire U.S. financial system to illicit financing threats.
Stating that the decision serves as a clear message to the financial sector, Bessent said, "The steps taken today send a clear message that even the largest financial institutions are not above the law."