US fines Bank of America $1.2bn for money laundering, sanctions violations

Banks US fines Bank of America $1.2bn for money laundering, sanctions violations The second-largest US bank faces record penalties for failing to comply with sanctions and money laundering laws. Add Al Jazeera on Google A Bank of America logo is seen on the entrance to one of the bank's financial centres in New York City [File: Brendan McDermid/Reuters] By AP Published On 14 Oct 2026 14 Oct 2026 The US Treasury Department has imposed more than $1.21 billion in penalties against Bank of America, the second-largest bank in the US, for violating anti-money laundering and sanctions laws.