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World News · October 14, 2026

Trouble involving China? Bank of America just part of the state’s list

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Bank of America has been assessed a $1.2 billion penalty by the U.S. Treasury Department, including a record $750 million from the Office of the Comptroller of the Currency, for failures in its anti-money laundering and sanctions compliance programs. The Treasury cited the bank for failing to report over $5 billion in suspicious activities, including Chinese money laundering networks and illicit finance related to narcotics trafficking and the southwest border. While the bank acknowledged its responsibility for financial crime compliance and noted ongoing investments in remediation, the penalties significantly impacted its recent earnings report, dragging down profits to $6.9 billion ($0.91 per share).

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Reported across the spectrum

  • Bank of America was fined $1.2 billion by the U.S. Department of the Treasury.
  • The penalty includes a $750 million fine from the Office of the Comptroller of the Currency (OCC), the largest in its history.
  • The fines were for failures to report suspicious activity involving Chinese money laundering and illicit finance at the southwest border.
  • The bank admitted to violating the Bank Secrecy Act and failing to maintain adequate compliance programs.
  • Treasury Secretary Scott Bessent stated that large financial institutions are not above the law.
  • Bank of America is the second-largest bank in the United States by assets.

Reported by only some outlets

  • The fine dragged Bank of America's earnings down by 17 cents a share, missing analyst estimates.
  • Bank of America agreed to a separate $11.6 million settlement regarding sanctions violations involving Iran and Russia.
  • The U.S. Department of Education is investigating Duke University and its partnership with Wuhan University in China.
  • Honeywell reached a $13 million penalty in 2021 for exporting sensitive technical data for military aircraft to China.
  • Bank of America shares fell 5.9% following the news.
  • The Treasury alleged the bank 'effectively outsourced' detection duties to law enforcement inquiries to minimize compliance costs.

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