{"id":227546,"date":"2026-10-14T17:43:46","date_gmt":"2026-10-14T17:43:46","guid":{"rendered":"https:\/\/quixnet.net\/wpinstance\/bank-of-america-ordered-to-pay-historic-1-2-billion-over-alleged-sanctions-law-violations-nbc-news\/"},"modified":"2026-10-14T17:43:46","modified_gmt":"2026-10-14T17:43:46","slug":"bank-of-america-ordered-to-pay-historic-1-2-billion-over-alleged-sanctions-law-violations-nbc-news","status":"publish","type":"post","link":"https:\/\/quixnet.net\/wpinstance\/bank-of-america-ordered-to-pay-historic-1-2-billion-over-alleged-sanctions-law-violations-nbc-news\/","title":{"rendered":"Bank of America ordered to pay historic $1.2 billion over alleged sanctions law violations – NBC News"},"content":{"rendered":"

BREAKING: DOJ issues subpoenas in probe of Rep. Ilhan Omar\u2019s immigration status, including to family members<\/a><\/span><\/span><\/a><\/p>\n

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Bank of America was ordered Tuesday to pay $1.2 billion to the Treasury Department, which said it violated anti-money laundering and sanctions laws.
Bank of America ordered to pay historic $1.2 billion fine
The penalty is the third largest ever issued in Treasury history, the agency said. As part of that total, the bank was ordered to pay $750 million to the Office of the Comptroller of the Currency, the largest fine it has ever levied.
\u201cToday\u2019s actions send a clear message that even the biggest financial institutions are not above the law,\u201d Treasury Secretary Scott Bessent said in a statement.
As the second-largest bank in the country, Bank of America has more than 70 million clients and processes about $4.5 trillion in payments for individual customers every year.
In addition, the bank handles $450 trillion in payments for corporate customers, including payrolls, corporate credit cards and supplier payments.
The Treasury Department said Bank of America \u201cadmits that it willfully violated\u201d the Bank Secrecy Act and \u201cfailed to maintain\u201d an anti-money laundering program that met minimum requirements under the law. The bank also admitted having failed to file mandatory Suspicious Activity Reports.
\u201cBank of America failed to timely report to FinCEN over $5 billion dollars in suspicious transactions, with over $1 billion of this activity implicating national security-related and other priority illicit finance risks, including suspicious transactions indicative of Chinese Money Laundering Networks, fraud, and potential trade-based money laundering with a substantial nexus to the southwest border,\u201d the Treasury Department said in a statement.
FinCEN is the Financial Crimes Enforcement Network, which combats money laundering, illicit financial activities and terrorist financing networks around the world.
\u201cFinancial crime compliance is serious, and we are responsible for getting it right,\u201d Bank of America said in a statement to NBC News.
\u201cWe have invested billions of dollars in technology and dedicated thousands of employees to combat financial crime, and our team is far along with and committed to completing the work required to address the issues raised by our regulators.\u201d
\u201cWe will continue to support federal and local law enforcement across thousands of investigations and report hundreds of thousands of suspicious activity reports each year.\u201d
In addition to the FinCEN violations, the Treasury Department said Bank of America is also settling \u201cits potential civil liability for 475 apparent violations of multiple sanctions programs\u201d with the Office of Foreign Assets Control, which oversees sprawling U.S. sanctions.
The company \u201cprocessed millions of dollars in payments in apparent violation of sanctions programs targeting Russia, Belarus, Iran, Burma, Somalia, narcotics, and global terrorism,\u201d the Treasury Department said.
Bessent said, \u201cWhen a bank of this size fails to meet its anti-money laundering and sanctions obligations, the consequences extend far beyond its own walls, exposing the entire U.S. financial system to significant illicit finance risks.\u201d
Bank of America will report its third-quarter earnings shortly before 7 a.m. ET Wednesday.
Steve Kopack is a senior reporter at NBC News covering business and the economy.
© 2026 NBCUniversal Media, LLC<\/p>\n

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BREAKING: DOJ issues subpoenas in probe of Rep. Ilhan Omar\u2019s immigration status, including to family members For YouSettings news AlertsThere are no new alerts at this timeBank of America was ordered Tuesday to pay $1.2 billion to the Treasury Department, which said it violated anti-money laundering and sanctions laws.Bank of America ordered to pay historic […]<\/p>\n","protected":false},"author":1,"featured_media":227547,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[9],"tags":[],"class_list":["post-227546","post","type-post","status-publish","format-standard","has-post-thumbnail","category-us","entry"],"_links":{"self":[{"href":"https:\/\/quixnet.net\/wpinstance\/wp-json\/wp\/v2\/posts\/227546","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/quixnet.net\/wpinstance\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/quixnet.net\/wpinstance\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/quixnet.net\/wpinstance\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/quixnet.net\/wpinstance\/wp-json\/wp\/v2\/comments?post=227546"}],"version-history":[{"count":0,"href":"https:\/\/quixnet.net\/wpinstance\/wp-json\/wp\/v2\/posts\/227546\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/quixnet.net\/wpinstance\/wp-json\/wp\/v2\/media\/227547"}],"wp:attachment":[{"href":"https:\/\/quixnet.net\/wpinstance\/wp-json\/wp\/v2\/media?parent=227546"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/quixnet.net\/wpinstance\/wp-json\/wp\/v2\/categories?post=227546"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/quixnet.net\/wpinstance\/wp-json\/wp\/v2\/tags?post=227546"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}