The action was announced on October 13, 2026. The penalty was imposed by the Financial Crimes Enforcement Network, or FinCEN, the U.S. Treasury Department unit responsible for combating financial crimes.
Accounts published by various outlets agree on the approximate size of the fine but differ on the precise amount: most refer to approximately $1.2 billion, while Bloomberg reports more than $1.21 billion.
The proceeding concerns alleged violations of laws and obligations related to money laundering and compliance with sanctions. The available material does not provide detailed examples of the conduct at issue or the complete order issued by FinCEN or the Treasury Department.
According to The Hill, the allegations described by the Treasury Department and FinCEN include failure to contain and report priority risks to national security.
Bank of America has been described by the sources as the second-largest bank in the United States. The institution’s size makes the penalty significant in the context of controls intended to prevent illicit financing and sanctions evasion.
The penalty’s historical significance has been described inconsistently. The South China Morning Post called it the third-largest in the history of the Treasury Department, while Al Jazeera referred to record sanctions; the available sources do not make it possible to establish a single ranking.
Bloomberg also identified Katherine Doherty as the author of additional comments or background on the penalty. The journalist is not identified in the available information as an official participant in the enforcement action.