US fines Bank of America US$1.2 billion, says it violated money laundering, sanctions laws

Por Associated Press — South China Morning Post – News feed

Advertisement United States World United States & Canada US fines Bank of America US$1.2 billion, says it violated money laundering, sanctions laws

The bank failed to mitigate and report ‘priority national security risks’, including Chinese money-laundering networks, the US Treasury says

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Associated Press Published: 7:55am, 14 Oct 2026

The US Treasury Department said on Tuesday that it was imposing US$1.2 billion in fines on Bank of America for allegedly violating anti-money-laundering and sanctions laws.

The fines on America’s second-biggest bank amount to the third-largest in the department’s history.

“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 US financial system to significant illicit finance risks,” Treasury Secretary Scott Bessent said in a statement.

“Today’s actions send a clear message that even the biggest financial institutions are not above the law.”

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Fonte: South China Morning Post – News feed