Insight On Business the News Hour
Oct 13, 2026 · 10 min · 14 segments
The Trump Administration just fined Bank of American $1.2 billion and what the government said the bank had done. This is the Business News Headlines for Tuesday the 13th day of October, thanks for…
The U.S. Treasury Department said today that it's imposing a $1.2 billion in fines on Bank of America for allegedly violating anti-money laundering and sanctions laws.
The fines on America's second biggest bank amount to the third largest in the department's history.
Treasury Secretary Scott Besant said in a statement, quote, 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.
Today's actions send a clear message that even the biggest financial institutions are not above the law." Treasury said Bank of America also reached an $11.6 million settlement with the Department's Office of Foreign Assets Control, over what they are saying apparent violations of numerous sanctions programs, including on Iran, Russia, narcotics, and global terrorism.
The U.S. Treasury Department said today that it's imposing a $1.2 billion in fines on Bank of America for allegedly violating anti-money laundering and sanctions laws.
The fines on America's second biggest bank amount to the third largest in the department's history.
Treasury Secretary Scott Besant said in a statement, quote, 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.
Today's actions send a clear message that even the biggest financial institutions are not above the law." Treasury said Bank of America also reached an $11.6 million settlement with the Department's Office of Foreign Assets Control, over what they are saying apparent violations of numerous sanctions programs, including on Iran, Russia, narcotics, and global terrorism.
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