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Treasury fines Bank of America $1.2 billion for money-laundering, sanctions failures

FinCEN, the OCC and OFAC jointly penalize the nation's second-largest bank for failing to flag billions in suspicious transactions tied to China and the southwest border.

newest coverage 9m agosummary written 6h ago111 pieces29k likes & upvotes1.2k comments NewswiresMastodonBlueskyRedditXHacker NewsYouTube

What to know

  • The $1.2 billion fine combines a FinCEN penalty, a record $750 million OCC civil penalty, and an $11.6 million OFAC sanctions settlement — the third-largest FinCEN penalty on record.
  • Bank of America admitted it willfully failed to report over $5 billion in suspicious transactions, including those tied to Chinese money-laundering networks and the southwest border, and settled 475 apparent sanctions violations involving Iran and Russia.
  • Unlike the Binance and TD Bank cases it is compared to, there is no accompanying Justice Department criminal action against Bank of America.
  • The penalty will cut Bank of America's third-quarter net income by about 17 cents per share, with earnings due the day after the announcement.

The dispute Whether the fine represents real accountability or is undercut by the administration's own sanctions-related inconsistencies and the lack of personal consequences for executives. · positions read across 22 posts and comments

many voices

It's hypocritical or ironic for this administration to fine a bank for sanctions violations given its own conduct.

  • “Trump's USTreasury Department is imposing $1.2 billion in fines on Bank of America for allegedly violating anti-money laundering and sanctions laws....hold on...hold on....😂 I can't even finish the sentence 😂 this is so rich.”

    girlsreallyrule.bsky.social · Bluesky ↗
some voices

These fines typically reflect compliance/detection failures rather than intentional criminal participation, but banks are still accountable.

  • “Work in market infrastructure, 99% of the time this is the bank failing to detect money laundering, as opposed to being actively involved in it. No excuse for not picking it up with compliance and controls, for which banks are held…”

    kdailyone · Reddit ↗
some voices

Such fines don't meaningfully change bank behavior or hurt the company long-term.

  • “TD Bank got hit with money laundering fines and restrictions on its US business. The stock is up 100% since then and profits are rolling in. None of this shit matters.”

    Unarmed_Character · Reddit ↗
some voices

Executives face no personal consequences while profiting, which undermines the point of the fine.

  • “"It's clear that these poor CEOs aren't making enough money leading them to crime. We should cut their taxes and give them billions in tax dollars"”

    Centurion87 · Reddit ↗

Scott BessentScott Bessent U.S. Treasury SecretaryBank of America Penalized bankFinCEN Treasury's Financial Crimes Enforcement NetworkOffice of the Comptroller of the Currency (OCC) Bank regulatorOffice of Foreign Assets Control (OFAC) Sanctions enforcement agencyDonald TrumpDonald Trump U.S. President

Treasury fines Bank of America $1.2 billion for money-laundering, sanctions failures
x.com

How it unfolded 5 developments, newest first · click a bar or a number to jump articlesvideospostscomments

Peak 20 pieces in one half hour at Yesterday, 4 PM; 111 pieces over 25 hours (61 articles · 1 video · 42 posts · 7 comments) Yesterday, 6:38 AM — quietYesterday, 7:08 AM — 1 piece · 1 article — Newswires 1Yesterday, 7:38 AM — quietYesterday, 8:08 AM — quietYesterday, 8:38 AM — quietYesterday, 9:08 AM — quietYesterday, 9:38 AM — quietYesterday, 10:08 AM — 1 piece · 1 article — Newswires 1Yesterday, 10:38 AM — quietYesterday, 11:08 AM — quietYesterday, 11:38 AM — 12 pieces · 12 articles — Newswires 12Yesterday, 12:08 PM — quietYesterday, 12:38 PM — quietYesterday, 1:08 PM — quietYesterday, 1:38 PM — quietYesterday, 2:08 PM — 1 piece · 1 article — Newswires 1Yesterday, 2:38 PM — quietYesterday, 3:08 PM — quietYesterday, 3:38 PM — 1 piece · 1 article — Newswires 1Yesterday, 4:08 PM — 20 pieces · 10 articles · 10 posts — Newswires 10, Mastodon 6, Reddit 2, +2 moreYesterday, 4:38 PM — 17 pieces · 9 articles · 8 posts — Newswires 9, Bluesky 4, Mastodon 2, +1 moreYesterday, 5:08 PM — 7 pieces · 3 articles · 1 post · 3 comments — Reddit 4, Newswires 3Yesterday, 5:38 PM — 1 piece · 1 article — Newswires 1Yesterday, 6:08 PM — quietYesterday, 6:38 PM — 5 pieces · 4 articles · 1 post — Newswires 4, Mastodon 1Yesterday, 7:08 PM — quietYesterday, 7:38 PM — 6 pieces · 3 articles · 1 video · 2 posts — Newswires 3, Hacker News 1, Mastodon 1, +1 moreYesterday, 8:08 PM — 2 pieces · 2 posts — Mastodon 1, X 1Yesterday, 8:38 PM — quietYesterday, 9:08 PM — 2 pieces · 1 article · 1 post — Mastodon 1, Newswires 1Yesterday, 9:38 PM — 7 pieces · 4 articles · 3 posts — Newswires 4, Mastodon 2, Bluesky 1Yesterday, 10:08 PM — 2 pieces · 2 posts — Bluesky 1, X 1Yesterday, 10:38 PM — 4 pieces · 1 article · 3 posts — Mastodon 3, Newswires 1Yesterday, 11:08 PM — 4 pieces · 2 posts · 2 comments — Mastodon 2, Reddit 2Yesterday, 11:38 PM — 1 piece · 1 post — Mastodon 1Today, 12:08 AM — 1 piece · 1 post — Hacker News 1Today, 12:38 AM — 2 pieces · 2 posts — Mastodon 2Today, 1:08 AM — 2 pieces · 1 article · 1 post — Mastodon 1, Newswires 1Today, 1:38 AM — 1 piece · 1 article — Newswires 1Today, 2:08 AM — quietToday, 2:38 AM — quietToday, 3:08 AM — quietToday, 3:38 AM — quietToday, 4:08 AM — quietToday, 4:38 AM — 1 piece · 1 article — Newswires 1Today, 5:08 AM — 2 pieces · 2 comments — Reddit 2Today, 5:38 AM — quietToday, 6:08 AM — 1 piece · 1 article — Newswires 1Today, 6:38 AM — 2 pieces · 1 article · 1 post — Mastodon 1, Newswires 1Today, 7:08 AM — 5 pieces · 4 articles · 1 post — Newswires 3, Mastodon 2 1–45
8 AM4 PMtodaynow · 7:38 AM ET
  1. 5

    Outlets note this is the third-largest FinCEN penalty on record

    Coverage placed the fine behind only the $3.4 billion Binance penalty (2023) and $1.3 billion TD Bank penalty (2024), and noted no accompanying Justice Department charges this time.

    1. 17 outlets US Treasury fines Bank of America more than $1.21B over money laundering and sanctions laws violations

      first by Anadolu Agency, 11h ago · also SCMP, Bloomberg Markets, Al Jazeera, Associated Press, Bangkok Post, BBC +10

      10 more headlines
    • vikrambath.bsky.social

      I wish there were a way to know if these were real violations

      vikrambath.bsky.socialBluesky9h ago28▲view on Bluesky ↗
    2 more of the top 3 · 9 posts in this stretch

    • 🇺🇸 Treasury hit Bank of America with MORE THAN $1.21B in penalties for failing to stop money laundering FinCEN, the main anti-money-laundering unit, assessed $1.2B, the OCC added a record $750M credited toward the total, and OFAC settled for $11.6M over sanctions violations

      @MarioNawfalX11h ago15▲view on X ↗
    • steter@mastodon.stevesworld.co

      Who neglected to pay tribute to the king? https:// apnews.com/article/treasury-ba nk-of-america-money-laundering-29013b2c8f08a3a8d579a96721ed1aa4 # money # law # BofA

      steter@mastodon.stevesworld.coMastodon11h ago1▲view on Mastodon ↗
    all of them →
  2. 4

    Social media reacts, some calling out administration hypocrisy

    Viral posts framed the fine as ironic given the Trump administration's own sanctions controversies and prior anti-debanking actions against big banks, including Trump's personal $5 billion suit against JPMorgan.

    “How can the Trump administration fine BofA for violating sanctions laws when the same administration is violating a sanctions law with the Russia diesel deal? What don't I get here?”
    — jilldlawrence.bsky.social

    • 🚨 BREAKING: In a massive move, Treasury Sec. Scott Bessent just slapped $1.21 BILLION in penalties on BANK OF AMERICA, which facilitated suspicious transactions involving CHINA and other nations The bank racked up 475 apparent sanctions violations involving Iran, Russia,

      @EricLDaughX14h ago28k▲view on X ↗
    2 more of the top 3 · 9 posts in this stretch
    • girlsreallyrule.bsky.social

      Trump's USTreasury Department is imposing $1.2 billion in fines on Bank of America for allegedly violating anti-money laundering and sanctions laws....hold on...hold on....😂 I can't even finish the sentence 😂 this is so rich.

      girlsreallyrule.bsky.socialBluesky14h ago168▲view on Bluesky ↗

    • Work in market infrastructure, 99% of the time this is the bank failing to detect money laundering, as opposed to being actively involved in it. No excuse for not picking it up with compliance and controls, for which banks are held responsible.

      kdailyoner/news14h agoview on r/news ↗
    all of them →
  3. 3

    Bank of America responds, cites remediation spending

    A Bank of America spokesperson said the bank has invested billions in compliance technology and is working with regulators, and disclosed the fine will cut third-quarter net income by about 17 cents per share.

    “We have invested billions of dollars in technology and dedicated thousands of employees to combat financial crime, and our team is far along with and committed to completing the work required to address the issues raised by our regulators.”
    — Bank of America spokesperson

    • The @Treasury and @USOCC today announced a $750 million civil money penalty against Bank of America for violations of the Bank Secrecy Act and its implementing regulations. This amount is the largest in OCC history. Read more at

      @USOCCX15h ago446▲view on X ↗
    2 more of the top 3 · 4 posts in this stretch
    • apnews.com

      BREAKING: The U.S. Treasury says it’s imposing $1.2 billion in fines on Bank of America for violating money laundering, sanctions laws.

      apnews.comBluesky15h ago152▲view on Bluesky ↗

    • Treasury Department imposes $1.2 billion penalty against Bank of America https://www. washingtonpost.com/business/20 26/10/13/bank-america-fined-12-billion-by-treasury-department/?utm_source=flipboard&utm_medium=activitypub Posted into Business @ business-thenewsdesk

      thenewsdesk@flipboard.comMastodon15h agoview on Mastodon ↗
    all of them →
  4. 2

    Details emerge on China-linked laundering and $5bn unreported transactions

    Treasury said Bank of America failed to timely report over $5 billion in suspicious transactions and effectively outsourced detection obligations to third parties, with deficiencies tied to Chinese money-laundering networks and illicit finance along the southwest border.

    “Bank of America admits willfully violating Bank Secrecy Act regulations and failing to “timely report” more than $5 billion in “suspicious” transactions, the Treasury has said.”
    — @unusual_whales
  5. 1

    Treasury imposes $1.2bn in penalties on Bank of America

    FinCEN assessed $1.2 billion, the OCC a record $750 million (credited toward the total), and OFAC $11.6 million for 475 apparent sanctions violations involving Iran, Russia, narcotics and terrorism financing.

    “When a bank of this size fails to meet its anti-money laundering and sanctions obligations, the consequences extend far beyond its own walls, exposing the entire U.S. financial system to significant illicit finance risks.”
    — Scott Bessent, Treasury Secretary
    1. 12 outlets Bank of America fined over $1.2B for anti-money laundering, sanctions violations

      first by Seeking Alpha, 14h ago · also WSJ Markets, Fox Business, Washington Examiner, Associated Press, NY Post, KTVZ-TV +5

      10 more headlines
    2. 7 outlets BofA Hit With $1.2 Billion of Fines Over Money-Laundering Lapses

      first by Bloomberg, 1d ago · also American Greatness, CNN, WTTG-TV, The Gateway Pundit, CNBC, FT

      7 more headlines
    6 more claims →

What people are saying 10 voices from 4 sites · best of 22 · verbatim

Still unanswered
  • Is there a Justice Department criminal case to accompany the civil penalties, as there was with Binance and TD Bank?
  • Will the fine actually change Bank of America's compliance practices or just be absorbed as a cost of doing business?