Videos · October 20, 2026 · 39 seconds

Bank of America's $1.2 Billion Money-Laundering Penalty: What the Bank Missed

Name: Bank of America's $1.2 Billion Money-Laundering Penalty: What the Bank Missed
Uploaded: 2026-10-20T16:30:00.000Z
Duration: 39 s
Description: Three arms of the Treasury Department penalized Bank of America more than $1.21 billion on October 13th, and the bank admitted it willfully failed to report billions of dollars in suspicious transactions. Here is what the 95-page order says went wrong.

Three arms of the Treasury Department penalized Bank of America more than $1.21 billion on October 13th, and the bank admitted it willfully failed to report billions of dollars in suspicious transactions. Here is what the 95-page order says went wrong.

Read the full articleby Adam Cannizzaro

Transcript

BANK OF AMERICA'S $1.2 BILLION MONEY-LAUNDERING PENALTY: WHAT THE BANK MISSED

[THE LAW] Banks must flag suspicious money.

Federal law requires every bank to watch for money laundering and report suspicious transactions, usually within 30 days.
On October 13th, the Treasury Department penalized Bank of America over $1.2 billion, and the bank admitted it willfully failed to for years.

[WHAT IT MISSED] Thousands of reports, never filed.

The bank's alert system flagged a customer only after a lot of suspicious activity had piled up, and a 2024 review found nearly 8,900 reports it had never filed.
Payments also went through 35 banks under U.S. sanctions, because a vendor's bank directory still listed them.

Read the full article at noozify.com. Images: Images: Bank of America's Charlotte headquarters by Kiran891 (CC BY-SA 4.0); the Treasury Building, Washington, by G. Edward Johnson (CC BY 4.0); a Bank of America branch in Philadelphia by Harrison Keely (CC BY 4.0); all via Wikimedia Commons. Music: an original score for Noozify.