Three federal agencies have imposed penalties totaling more than $1.21 billion on Bank of America, alleging that the bank violated anti-money laundering and sanctions laws, according to a Tuesday (Oct. 13) press release issued by the Treasury Department.

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The penalties imposed on Bank of America include the third largest one ever imposed by the Treasury Department and the largest ever imposed by the Office of the Comptroller of the Currency (OCC), the release said.

“When a bank of this size fails to meet its anti-money laundering and sanctions obligations, the consequences extend far beyond its own walls, exposing the entire U.S. financial system to significant illicit finance risks,” Treasury Secretary Scott Bessent said in the release. “Today’s actions send a clear message that even the biggest financial institutions are not above the law.”

Reached by PYMNTS, a Bank of America spokesperson said in an emailed statement that the bank is committed to addressing the regulators’ concerns.

“Financial crime compliance is serious, and we are responsible for getting it right,” the statement said. “We worked with regulators to reach these penalty resolutions stemming from violations cited in the previously reported 2024 OCC Consent Order and FinCEN’s investigation.”

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“We have invested billions of dollars in technology and dedicated thousands of employees to combat financial crime, and our team is far along with and committed to completing the work required to address the issues raised by our regulators.

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