On October 13, 2026, FinCEN, the OCC and OFAC penalized Bank of America $1.21 billion for anti-money laundering and sanctions violations, with the bank admitting it willfully violated the Bank Secrecy Act. The bank took a $1.2 billion non-tax deductible charge cutting net income by about 17 cents a share, and there is no asset cap. The discussion has moved to scale and remediation: the bank processes about $4.5 trillion in annual payments for individuals and $450 trillion for corporate customers, and CEO Brian Moynihan says the firm has added thousands of teammates to fix the AML and sanctions issues.