Bank Of America To Pay $1.2 Billion, Including Record $750 Million OCC Penalty

The Office of the Comptroller of the Currency fined Bank of America $750 million on October 13, 2026, for failures in its anti-money laundering program. It’s the largest civil money penalty in OCC history, and it hits the bank behind millions of everyday Bank of America savings and checking accounts.

The OCC penalty is one part of a larger Treasury action. FinCEN, the Treasury unit that recently ordered banks to report student aid fraud, assessed a $1.2 billion penalty that credits the OCC’s $750 million. The Office of Foreign Assets Control added an $11.6 million settlement over 475 apparent sanctions violations, according to the Associated Press.

According to a statement from Treasury Secretary Scott Bessent, “Financial institutions are on the front lines of protecting our economic and national security. 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.“