Bank of America, National Association

Penalty for wilful Bank Secrecy Act violations, including missed and late suspicious activity reports

The Financial Crimes Enforcement Network assessed the penalty on Bank of America, National Association under consent order 2026-03, in which the bank admitted wilful violations of the Bank Secrecy Act from at least 1 January 2018 to 1 July 2025. Its Event Processor monitoring system caused over USD 5 billion of suspicious activity to be missed or reported late, over USD 600 million of suspicious money order deposits went unreported, and due diligence on correspondent accounts for foreign banks failed. The OCC imposed USD 750 million the same day, credited against the FinCEN penalty, and OFAC announced a USD 11.6 million settlement. On the same day the OCC imposed a separate civil money penalty of USD 750 million on the bank for the same failings (AA-ENF-2026-41).

Settlement of apparent violations of several US sanctions programmes

Bank of America, N.A. agreed on 13 October 2026 to pay USD 11,662,930 to OFAC to settle its potential civil liability for 475 apparent violations of several US sanctions programmes between September 2021 and April 2025, involving about USD 14.8 million of transactions. OFAC treated the violations as non-egregious.

has agreed to pay $11,662,930 to settle its potential civil liability for 475

Cease and desist order over deficiencies in anti-money laundering and sanctions compliance

The Office of the Comptroller of the Currency issued cease and desist order AA-ENF-2024-56 against Bank of America, National Association for violations and unsafe or unsound practices in its Bank Secrecy Act and sanctions compliance programmes, including late suspicious activity reports and failure to correct a customer due diligence deficiency already identified. The order cites weak internal controls, governance, independent testing and training, carries no penalty and remains in force.

Consent order over false demographic data in mortgage reporting

The CFPB found that Bank of America, N.A. loan officers failed to ask mortgage applicants for demographic information and recorded false answers in the bank's mortgage lending reports, and on 28 November 2023 ordered a civil money penalty of USD 12 million (2023-CFPB-0016).

Respondent must pay a civil money penalty of $12,000,000 to the Bureau.

Orders over repeat fees, withheld card rewards and credit card accounts opened without authorisation

The Consumer Financial Protection Bureau found that Bank of America, National Association charged repeat non-sufficient funds fees, withheld credit card rewards it had promised and, since at least 2012, opened credit card accounts without customers' authorisation. It imposed USD 90 million in penalties and more than USD 100 million of redress to customers, and the OCC separately imposed USD 60 million over the repeat fees.

Orders over frozen accounts and denied fraud claims on state unemployment benefit cards

The OCC and the CFPB found that Bank of America, N.A., which ran the unemployment benefit prepaid card programme for 12 states, used an automated fraud filter to freeze accounts and deny cardholders' claims of unauthorised transactions without reasonable investigation. On 14 July 2022 the OCC imposed a civil money penalty of USD 125 million and a cease and desist order, and the CFPB a penalty of USD 100 million, with redress for affected cardholders.

The Bank shall make payment of a civil money penalty in the total amount of one hundred twenty-five million ($125,000,000)

The OCC terminated its cease and desist order on 18 June 2026; the penalties remain part of the record.

Consent order over the handling of garnishment orders on out-of-state accounts

The CFPB found that Bank of America, N.A. unlawfully processed garnishment notices against out-of-state customers' accounts and relied on a deposit-agreement clause waiving their garnishment protections, and on 4 May 2022 ordered a civil money penalty of USD 10 million and about USD 592,000 of redress (2022-CFPB-0002).

Respondent must pay a civil money penalty of $10,000,000 to the Bureau.