https://sputnikglobe.com/20261014/us-treasury-fines-bank-of-america-record-121-billion-over-sanctions-violations-1124877403.html
US Treasury Fines Bank of America Record $1.21 Billion Over Sanctions Violations
US Treasury Fines Bank of America Record $1.21 Billion Over Sanctions Violations
Sputnik International
The US has imposed more than $1.21 billion in penalties on Bank of America, the second-largest US bank, over major failures in its anti-money-laundering and sanctions-compliance systems, the Department of the Treasury announced.
2026-10-14T04:49+0000
2026-10-14T04:49+0000
2026-10-14T04:49+0000
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treasury department’s office of foreign assets control (ofac)
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FinCEN said the bank willfully violated the Bank Secrecy Act and failed to timely report more than $5 billion in suspicious transactions, including over $1 billion involving priority financial-risk categories.Separately, OFAC reached an $11.66 million settlement over 475 apparent sanctions violations linked to technical and human errors affecting programs covering Russia, Iran and several other jurisdictions and categories. OFAC classified the violations as non-egregious.The irony: Washington’s sanctions machine just landed one of its biggest blows on one of America’s own largest banks.
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us, russia, bank of america, treasury department’s office of foreign assets control (ofac), treasury, sanctions, western sanctions, us sanctions
US Treasury Fines Bank of America Record $1.21 Billion Over Sanctions Violations
The US has imposed more than $1.21 billion in penalties on Bank of America, the second-largest US bank, over major failures in its anti-money-laundering and sanctions-compliance systems, the Department of the Treasury announced.
FinCEN said the bank willfully violated the Bank Secrecy Act and failed to timely report more than $5 billion in suspicious transactions, including over $1 billion involving priority financial-risk categories.
Separately, OFAC reached an $11.66 million settlement over 475 apparent sanctions violations linked to technical and human errors affecting programs covering Russia, Iran and several other jurisdictions and categories. OFAC classified the violations as non-egregious.
“Even the biggest financial institutions are not above the law,” Treasury Secretary Scott Bessent said.
The irony: Washington’s sanctions machine just landed one of its biggest blows on one of America’s own largest banks.
