Bank of America in Charlotte, N.C., must pay more than $1.2 billion in penalties for violating anti-money laundering and sanctions laws.
The fine, levied by the Financial Crimes Enforcement Network, is the third largest in Treasury Department history. The Office of the Comptroller of the Currency hit BofA with its own $750 million civil monetary penalty, though the Treasury credited that penalty toward its $1.2 billion fine.
No asset cap was imposed.
Bank of America admitted to willful Bank Secrecy Act violations, FinCEN said. The bank admitted that it failed to implement and maintain an anti-money laundering program that satisfied regulations, and that it failed to conduct due diligence for correspondent accounts for foreign financial institutions.
FinCEN determined that BofA also failed to file suspicious activity reports for transactions amounting to $5 billion.
Bank of America entered into a cease-and-desist order with the OCC in 2024 tied to BSA/AML deficiencies. The OCC determined that the company failed to complete steps needed to create an effective BSA/AML compliance program; its program still has significant issues.
The Office of Foreign Assets Control also announced an $11.6 million settlement agreement with BofA tied to sanctions violations associated with Iran, Russia, global terrorism, and narcotics.