What happened
Bank of America faces a class action lawsuit after receiving a $1.2 billion fine from the U.S. Treasury for anti-money laundering compliance failures, including inadequate monitoring of over $5 billion in suspicious transactions.
Named in this item
STATUS
NAME
ISO
PROGRAM
IDENTIFIER
U.S. Department of the Treasury
Organization, regulator US U.S. AML regulations —
Organization, regulator US U.S. AML regulations —
What compliance teams should check
- Review AML compliance controls for gaps similar to those cited in the BofA case
- Assess exposure to Bank of America for correspondent or client relationships
- Update transaction monitoring procedures to address identified weaknesses
- Monitor for regulatory updates or enforcement trends following this action
FOR COMPLIANCE TEAMS
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Following a $1.2 billion fine from the U.S. Department of the Treasury for anti-money laundering and financial-crime compliance system failures, Bank of America has been hit with a class action over similar claims, including that it failed to monitor more than $5 billion in suspicious transactions.Law360, 19 Oct 2026, 17:05 UTC, law360.com