What happened
Bank of America was fined $1.21 billion by the U.S. Treasury Department for widespread failures in Bank Secrecy Act and anti-money laundering compliance.
What compliance teams should check
- Review AML controls and procedures
- Assess exposure to Bank of America for compliance risks
- Update risk assessments for U.S. financial institutions
- Monitor regulatory enforcement trends
FOR COMPLIANCE TEAMS
Catch stories like these on your own customers.
complead screens your customers against adverse media, sanctions and PEP lists, and re-checks them every day. When a name you hold turns up in the news, it lands in your case queue with the evidence attached.
Bank of America was hit with $1.21 billion in fines from the U.S. Treasury Department on Tuesday, with regulators alleging "widespread breakdowns in internal controls" related to Bank Secrecy Act and anti-money laundering compliance at the nation's second-largest bank.Law360, 13 Oct 2026, 16:30 UTC, law360.com