Snapshot:
On October 13, 2026, FinCEN assessed a $1.2 billion penalty against Bank of America for BSA violations, including failures involving its AML program, correspondent banking due diligence, and suspicious activity reporting. The coordinated action also included a $750 million OCC penalty and an $11.6 million OFAC settlement related to apparent sanctions violations.
Why it Matters:
This action is a powerful reminder that sophisticated technology alone does not make an effective BSA/AML program. For financial institutions, the enforcement highlights the importance of effective transaction monitoring, timely SAR reporting, appropriate due diligence, and controls that actually identify and escalate higher-risk activity.
Want to dig deeper? Arc-Serv’s Maleka Ali takes a closer look at the enforcement action, the compliance breakdowns behind it, and the key takeaways for financial institutions in an expanded article on our website.
Read Maleka’s full analysis: $1.2 Billion Wake-Up Call: Six AML Failures Behind the Bank of America Enforcement Action
Source:
FinCEN Assesses $1.2 Billion Penalty against Bank of America