Bank of America Hit With $1.2 Billion Fine Over Failure to Report $5 Billion in Suspicious Transactions

Bank of America has been hit with more than $1.21 billion in US regulatory penalties and settlements for failures to detect and report suspicious financial activity worth more than $5 billion. (Credit: Senseiich/Wikimedia Commons)

Bank of America faces more than $1.21 billion (£907.5 million) in US regulatory penalties and settlements after authorities found widespread failures in its anti-money laundering controls and delayed reporting of suspicious financial activity.

The enforcement actions, announced on 13 October 2026, concern failures to report more than $5 billion (£3.75 billion) in suspicious transactions promptly, alongside apparent violations of US sanctions programmes.