Bank of America AML penalties

Business · Heat 1.1 / 10 · 3 shows · 9m airtime

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.

How 3 podcasts covered it

1. Closing Bell, 2026-10-13 (16:27 to 20:08)
   Itemizes the $1.21 billion penalty and the charge
   Reports the Bank of America enforcement action in full: the $1.21 billion total, the willful Bank Secrecy Act admission, the FinCEN, OCC and OFAC split, the $5 billion in late-reported suspicious transactions, and the $1.2 billion charge to third quarter earnings.
   New angle: Bank of America will take a $1.2 billion charge cutting Q3 net income by about 17 cents a share.
2. Morning Brew Daily, 2026-10-14 (19:38 to 21:20)
   Adds Bank of America's payment volume scale
   Recaps the Bank of America penalty and adds scale figures not yet on the record: the bank processes about $4.5 trillion a year for individual customers and $450 trillion for corporate customers, plus its own statement that financial crime compliance is its responsibility.
   New angle: Bank of America processes about $4.5 trillion in annual payments for individuals and $450 trillion for corporate customers.
3. Closing Bell, 2026-10-14 (20:53 to 23:25)
   Adds Moynihan's staffing fix and the 5 percent drop
   Reports Bank of America's Q3 earnings drop tied to the $1.2 billion penalty, with CEO Brian Moynihan saying the firm has added thousands of teammates to fix the AML and sanctions issues. Adds the market reaction: BofA shares down 5 percent.
   New angle: Bank of America CEO Brian Moynihan says the firm has added thousands of teammates to fix the AML and sanctions issues.
4. Morning Wire, 2026-10-14 (1:43 to 2:28)
   Reports Treasury's $1.2 billion BofA fine
   Reports the Treasury's $1.2 billion fine against Bank of America, the third largest in the department's history, and the bank's admission that it willfully violated the Bank Secrecy Act and failed to report more than $5 billion in suspicious transactions on time.
   New angle: Treasury fined Bank of America just over $1.2 billion, its third-largest fine ever.