FinCEN fined Bank of America $1.2 billion for missing $5 billion in suspicious transactions

The Financial Crimes Enforcement Network assessed a $1.2 billion penalty against Bank of America for failing to mitigate and report priority national security risks. The bank failed to timely report over $5 billion in suspicious transactions tied to Chinese Money Laundering Networks and southwest border illicit finance, Oct. 14, 2026 reporting said.