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Tue, October 13, 2026 at 3:29 PM CDT 3 min read
Regulators fined Bank of America (BAC) more than $1.2 billion on Tuesday over widespread failures in the banking giant's safeguards against money laundering and other illicit financial activity.
The Treasury Department said the nation's second-largest bank failed to properly monitor trillions of dollars in transactions and to report more than $5 billion in suspicious activity, including transactions potentially tied to Chinese money-laundering networks, narcotics trafficking, and fraud.
The enforcement actions include a $1.2 billion penalty from the Financial Crimes Enforcement Network (FinCEN), the third-lar...
