Treasury announces more than $1.2 billion in Bank of America penalties, including the OCC’s largest-ever fine

The U.S. Treasury Department announced more than $1.2 billion in penalties against Bank of America on Tuesday, citing failures to report suspicious transactions and address longstanding deficiencies in its anti-money-laundering program. The enforcement includes the third-largest penalty in Treasury history.

The compliance failures persisted for years, including after regulators ordered the bank to strengthen its safeguards. Treasury Secretary Scott Bessent said the actions sent a clear message that even the largest financial institutions are not above the law. The Office of the Comptroller of the Currency separately assessed a $750 million penalty, the largest in its history.