The Aporia · Bank of America hit with $1.2B fine for money laundering, sanctions violations

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The US Treasury Department fined Bank of America $1.2 billion for violating anti-money laundering and sanctions laws, marking the third-largest fine in the department’s history. The penalty includes a record $750 million fine imposed by the U.S. Office of the Comptroller of the Currency. Additionally, Bank of America settled with the Treasury’s Office of Foreign Assets Control for $11.6 million over violations related to sanctions programs on Iran, Russia, narcotics, and global terrorism. Treasury Secretary Scott Bessent emphasized that such penalties send a strong message about compliance expectations even for large financial institutions.

Written locally by qwen2.5:14b on 2026-10-13, using this article's own text rather than the other coverage of the same event (that is the story summary below).

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Story summary

The US Treasury Department imposed a $1.2 billion fine on Bank of America for violating anti-money laundering and sanctions laws, marking the third-largest penalty in the department's history. The fines stem from Bank of America’s failure to mitigate national security risks such as Chinese money laundering networks and illicit finance activities along the southwest border. Additionally, Bank of America settled with the Treasury Department’s Office of Foreign Assets Control for $11.6 million over violations related to Iran, Russia, narcotics, and global terrorism sanctions programs. Treasury Secretary Scott Bessent emphasized that even large financial institutions are held accountable when they fail to meet their obligations under these laws, highlighting the significant risks posed to the entire US financial system.

Written for “Bank Of America Fine For Violations” on 2026-10-14, grounded in this article and the 0 other(s) covering the same event.

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No political leaning scored for article 77682 · logged 2026-10-13

Cite this article

APA MLA Chicago

Associated Press. (2026, October 13). Bank of America hit with $1.2B fine for money laundering, sanctions violations. New York Post. https://nypost.com/2026/10/13/business/bank-of-america-hit-with-1-2b-fine-for-money-laundering-sanctions-violations/

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1 of 12 hedged ("reportedly", "may", "according to")

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not political

takes no side on a contested political question

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67/100

New York Post's corrections and hedging, across everything collected from it. Not a measure of accuracy.

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Economy/Business

Same framing elsewhere

articles that frame the event the way this one does

Who wrote this

Associated Press

393 article(s) here · 1 carrying a prediction

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2026-10-13 · assertive framing · Bank of America hit with $1.2B fine for money laundering, sanctions violations

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Wire or desk byline, not an individual reporter.

Also by Associated Press

PSG’s Luis Enrique Hopes Man City Avoids Sanctions After Financial Rules Verdict

2026-10-13 · Fox News

Jury selection to begin in federal hate crimes trial over deadly Buffalo supermarket shooting

2026-10-13 · New York Post

Home sales slowed last month — as mortgage rates climbed: ‘Very tough market out there’

2026-10-13 · New York Post

Formula 1 will return to Africa for first time since 1993 with deal to host Grand Prix in Rwanda

2026-10-13 · New York Post

Nothing else under this byline is closely related to this article, so these are simply their most recent.

All 393 articles by Associated Press →

Claims (12 extracted, 1 hedged)

Bank of America hit with $1.2B fine for money laundering, sanctions violations By asserted

Bank → hit → violations

The US Treasury Department said Tuesday that it’s imposing $1.2 billion in fines on Bank of America for allegedly violating anti-money laundering and sanctions laws. uncertain

it → say → laws

The fines on America’s second-biggest bank amount to the third-largest in the department’s history. asserted

fines → amount → history

“When 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,” Treasury Secretary Scott Bessent said in a statement. asserted

Bessent → fail → statement

“Today’s actions send a clear message that even the biggest financial institutions are not above the law.” asserted

institutions → send → law

Treasury said Bank of America also reached an $11.6 million settlement with the department’s Office of Foreign Assets Control over “apparent violations of numerous sanctions programs, including on Iran, Russia, narcotics, and global terrorism.” asserted

Bank → say → Iran

In a statement, Treasury said its Financial Crimes Enforcement Network assessed the $1.2 billion penalty for Bank of America’s “failure to mitigate and report priority national security risks, including Chinese Money Laundering Networks and illicit finance along the southwest border.’’ asserted

Network → say → border

The penalty includes $750 million that will go to the U.S. Office of the Comptroller of the Currency, the largest fine ever imposed by that federal bank regulatory agency. asserted

that → include → agency

Treasury said that Bank of America “admits that it willfully violated’’ the 1970 Bank Secrecy Act, which requires banks to help the government detect and prevent money laundering. asserted

government → say → laundering

The latest action is the third-largest penalty ever issued by the Treasury Department, behind a roughly $4 billion settlement in 2023 with Binance, the world’s largest cryptocurrency exchange, and an approximately $3 billion settlement with Canada-based TD Bank the following year. asserted

action → issue → Bank

Both those historic actions happened as part of the Biden administration’s focus on anti-money laundering and efforts to promote compliance with the then-emerging virtual currency industry. asserted

actions → happen → industry

Months later, Binance founder and CEO Changpeng Zhao, was sentenced to four months in prison over charges that he looking the other way as criminals used his platform to move money connected to child sex abuse, drug trafficking and terrorism. asserted

criminals → sentence → abuse

Bank of America hit with $1.2B fine for money laundering, sanctions violations

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Claims (12 extracted, 1 hedged)