The US Treasury fined Bank of America (BAC.N) $1.2bn for “serious and
persistent” anti‑money‑laundering and sanctions compliance failures, saying the
bank failed to report suspicious transactions totaling more than $5bn. The
penalty includes a record $750m civil fine from the OCC; the Office of Foreign
Assets Control reached an $11.6m settlement over alleged violations tied to
Iran, Russia, drug trafficking and global terrorism sanctions. Regulators
required Bank of America to enter a consent order that mandates third‑party
remediation to identify and report previously undetected suspicious
transactions. The action is a regulatory hit ahead of the bank’s upcoming Q3
results.
