The US Treasury fined Bank of America $1.2 billion on October 13, 2026, for failing to meet anti-money laundering compliance requirements, the BBC reported.
The bank did not adequately flag roughly $5 billion in suspicious transactions, according to the Financial Times. Those transactions were tied to suspected illicit finance from China, with some activity connected to areas near the southern US border.
The BBC and Financial Times both reported that the transactions were linked to potential Chinese money laundering networks.