The US government fined Bank of America more than $1.21 billion. It is the third largest fine in Treasury history.
The US Treasury announced the penalty on October 13, 2026. Bank of America is the second largest bank in the country.
Money laundering means hiding dirty money. Criminals move illegal cash through banks to make it look clean.
The bank failed to report over $5 billion in suspicious activity. More than $1 billion of it posed risks to national security.
The conduct ran from 2018 through 2025, according to the Treasury. The bank built weak crime checks.
The Office of the Comptroller of the Currency charged $750 million. It was the largest fine in that office's history.
The bank moved more than $14 million in banned payments. Some went to people and banks tied to Russia, Belarus, and Iran.
The bank admitted it broke anti-money laundering law on purpose. The deal avoids a court fight.
The bank must hire an independent reviewer. The reviewer will find missed suspicious activity and report it.
Treasury Secretary Scott Bessent said the action sends a clear message. Even the biggest banks are not above the law.
Days earlier, American Express faced a $350 million penalty. Its case involved similar crime check failures.
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