Reuters · October 14, 2026

Bank of America Fined $1.21 Billion Over Anti-Money Laundering Compliance Failures

• Bank of America was fined $1.21 billion by the Treasury Department and the Office of the Comptroller of the Currency over anti-money laundering compliance failures, in an action announced on Tuesday.
• A consent order requires the bank to hire an independent third party to review past transactions, identify suspicious activity the bank failed to detect, and report those transactions to FinCEN.
• Borthwick told an analyst briefing on Wednesday that the bank had completed a lot of the work required in the consent order and had made substantial investments in people and technology.
• Chief Executive Brian Moynihan said 1,000 people have been repositioned from other units to address the issues, and Borthwick said the consent order does not impose an asset cap.
• The report states the action dates back to a 2024 OCC consent order, in which the regulator cited a systemic failure in the bank's anti-money laundering program, and that shares opened 8% lower.

Penalty, consent order terms and regulator findings as reported by Reuters; the bank's response is included above via statements by Borthwick and Chief Executive Brian Moynihan at the analyst briefing. This card is based on the accessible portion of the article only. Original headline: "Bank of America says it has completed a lot of work on consent order".