Bank of America fined $1.2 billion for late reports on $5 billion in suspicious transactions
FinCEN, the OCC and OFAC fined Bank of America more than $1.2 billion after it admitted willful Bank Secrecy Act violations and late reports on over $5 billion in suspicious transactions.
Why it matters
A Wall Street bank has now been penalised more than $1.2 billion over late suspicious-activity reporting, the same category of failure crypto firms have been accused of, and CryptoSlate framed the case as a test of whether AML rules are enforced equally. CryptoSlate also reported that Bank of America CEO Brian Moynihan told Senator Elizabeth Warren in December 2023 that crypto companies handling financial transactions should follow the same anti-money-laundering rules as banks. The matter ends without individual criminal liability, and the OCC says the bank must still remediate its programme.
Where the sources disagree
Date of the Treasury announcement
Oct. 13
CryptoSlate
Wednesday, before the Oct. 15 publication date
Bitcoin.com News
CryptoSlate dates the announcement to Oct. 13, while Bitcoin.com News, published Oct. 15, describes the penalties as announced on a Wednesday.
Figures that do not reconcile
Found by comparing the numbers in the reports automatically. They are differences, not yet confirmed to be about the same thing.
size of the penalty (penalties)
$5 billion
The Daily Hodl
$1.2 billion
CryptoSlate
The Daily Hodl reports $5 billion, CryptoSlate reports $1.2 billion (76% apart).
size of the penalty
$5 billion
The Daily Hodl
$1.2 billion
Protos
The Daily Hodl reports $5 billion, Protos reports $1.2 billion (76% apart).
Key facts
FinCEN and the Office of the Comptroller of the Currency imposed more than $1.2 billion in penalties on Bank of America for anti-money-laundering and Bank Secrecy Act failures.
1,200,000,000 USDDisputed figureReported by The Daily Hodl
The OCC assessed a $750 million civil money penalty, the largest it has ever imposed against a bank.
750,000,000 USDReported by The Daily Hodl
Bank of America failed to report more than $5 billion in suspicious transactions on time.
5,000,000,000 USDDisputed figureReported by The Daily Hodl
FinCEN said more than $1 billion of the late-reported transactions implicated national-security and other priority illicit-finance risks, while the FinCEN order quoted by Protos calls that portion roughly $1 billion.
1,000,000,000 USDDisputed figureReported by The Daily Hodl
Bank of America admitted violations in three areas: its AML programme, due diligence on foreign correspondent accounts and its filing of suspicious activity reports.
Reported by The Daily Hodl
OFAC separately announced an $11.6 million settlement covering 475 apparent sanctions violations.
11,600,000 USDReported by The Daily Hodl
No Bank of America executives faced criminal charges, and Binance founder Changpeng Zhao criticised that outcome on X.
Reported by Bitcoin.com News
FinCEN called the penalty the third-largest in the department's history and the OCC said the bank had not fixed the deficiencies cited in a cease-and-desist order it signed in 2024.
Reported by The Daily Hodl
What happened
Treasury announced more than $1.2 billion in federal penalties against Bank of America after the bank admitted it willfully violated the Bank Secrecy Act and missed or delayed suspicious activity reports covering over $5 billion in transactions. CryptoSlate dates that announcement to Oct. 13, while Bitcoin.com News reported the penalties came on a Wednesday, and Bitcoin.com News puts the total at more than $1.21 billion where the other three outlets say more than $1.2 billion. FinCEN assessed $1.2 billion in total, including a $750 million civil money penalty from the Office of the Comptroller of the Currency that the OCC calls the largest it has ever imposed on a bank, and FinCEN described the penalty as the third-largest in its department's history. The admitted violations cover three areas: the anti-money-laundering program, due diligence on foreign correspondent accounts and the filing of suspicious activity reports, and the OCC said the bank had not corrected the deficiencies cited in a cease-and-desist order it signed in 2024. FinCEN said more than $1 billion of the late-reported transactions involved priority illicit-finance and national-security risks, including Chinese money laundering networks and potential trade-based laundering near the southwestern border, while Treasury said the bank prioritised revenues and leaned on tips from law enforcement and other banks, a response Comptroller of the Currency Jonathan Gould called unacceptable. OFAC separately settled 475 apparent sanctions violations for $11.6 million, Bank of America has to review the missed transactions and tighten its controls, and Binance founder Changpeng Zhao criticised the absence of any criminal charges.
How the story developed
- First report
First report by The Daily Hodl
Bank of America Hit With $1,200,000,000 in Penalties After Failing To Report Over $5,000,000,000 in Suspicious Transactions
- Update
First report of the Bank of America penalty appears
The Daily Hodl reports more than $1.2 billion in federal penalties after the bank failed to flag over $5 billion in suspicious transactions.
- Independent corroboration
Independently corroborated by CryptoSlate
Bank of America backed crypto AML rules but reported over $5 billion in suspicious activity late
- Official statement
Treasury announcement of FinCEN, OCC and OFAC penalties
CryptoSlate dates the announcement to Oct. 13 and reports the $750 million OCC penalty, the $1.2 billion FinCEN assessment and the $11.6 million OFAC settlement over 475 apparent sanctions violations.
- Official statement
FinCEN order text details the bank's admission
Protos quotes the order saying the bank willfully failed to implement adequate internal BSA controls, describes credit-card and ACH activity tied to Chinese money laundering networks, and reports that FinCEN credits the $750 million OCC penalty against its $1.2 billion total.
- Official statement
Official statement from Bitcoin.com News
CZ Takes Aim at Bank of America Over $1.21 Billion AML Penalty
- Update
Zhao criticises the penalty after no criminal charges
Bitcoin.com News reports that Binance founder Changpeng Zhao posted on X about the penalties and the absence of criminal charges, with other crypto commentators joining in.
- Resolution
Bank of America must remediate its compliance programme
Bitcoin.com News reports that Bank of America must review the missed transactions and strengthen its compliance controls.
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 14 Oct 2026, 07:04 UTC: The Daily Hodl — 1 independent source, 1 reports
- 14 Oct 2026, 10:10 UTC: CryptoSlate — 2 independent sources, 2 reports
- 14 Oct 2026, 18:14 UTC: Protos — 3 independent sources, 3 reports
- 15 Oct 2026, 07:30 UTC: Bitcoin.com News, official — 4 independent sources, 4 reports
Affected entities
Also mentioned: China, Russia
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| Bitcoin.com News Company, official | CZ Takes Aim at Bank of America Over $1.21 Billion AML Penalty | Independent | |
| The Daily Hodl Crypto media | Bank of America Hit With $1,200,000,000 in Penalties After Failing To Report Over $5,000,000,000 in Suspicious Transactions | Original | |
| Protos Crypto media | Bank of America hit with $1.2B fine after missing ‘Chinese money laundering’ | Independent | |
| CryptoSlate Crypto media | Bank of America backed crypto AML rules but reported over $5 billion in suspicious activity late | Independent |
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