Bank of America Subject to $1.2 Billion Treasury Fine as Law Firm Opens Investigation
On October 13, 2026, the U.S. Department of the Treasury imposed a $1.2 billion fine on Bank of America Corporation (BAC) for violating anti-money laundering and sanctions laws. The penalty stems from deficient compliance programs under the Bank Secrecy Act and a failure to properly mitigate and report national security risks. Concurrently, Glancy Prongay Wolke & Rotter LLP initiated a securities fraud investigation into the corporation, prompting affected shareholders to seek legal counsel amid potential financial recovery actions.
The U.S. Department of the Treasury announced on October 13, 2026, a $1.2 billion fine against Bank of America Corporation (BAC) for violations of anti-money laundering and sanctions laws.
According to the Treasury Department, Bank of America failed to mitigate and report priority national security risks. The department also found that the company’s Bank Secrecy Act and anti-money laundering compliance programs were deficient and ineffective.
Separately, Glancy Prongay Wolke & Rotter LLP announced a securities fraud investigation into Bank of America. The law firm urged shareholders who lost money to contact the firm.
This article may include AI-generated content that is human-reviewed, which is for reference and general information purposes only and does not constitute investment advice.
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