Bank of America fined $1.2 billion over money-laundering failures

Summary

The South China Morning Post reports that the United States fined Bank of America US$1.21 billion and flagged suspected Chinese money laundering. Axios reports that Treasury announced more than $1.2 billion in penalties on Tuesday, saying the bank admitted to willfully violating federal anti-money-laundering laws; regulators said it failed to monitor trillions of dollars in transactions, leaving more than $5 billion in suspicious activity unreported or reported late. The South China Morning Post also examines what the historic fine could mean for US-China capital flows.

Timeline

1. Axios

   13 Oct 2026, 21:03 UTCSource ↗

   Axios reports that Treasury announced more than $1.2 billion in penalties after Bank of America admitted to willfully violating federal anti-money-laundering laws.

2. BBC

   14 Oct 2026, 02:05 UTCSource ↗

   The BBC reports that Bank of America was hit with a $1.2 billion fine for money-laundering failings.

3. The Guardian

   14 Oct 2026, 11:54 UTCSource ↗

   The Guardian reports that Bank of America was fined $1.2 billion for money-laundering failures.

4. South China Morning Post

   14 Oct 2026, 13:00 UTCSource ↗

   The South China Morning Post examines what the historic Bank of America fine could mean for US-China capital flows.

5. South China Morning Post

   14 Oct 2026, 17:47 UTCSource ↗

   The South China Morning Post reports that Bank of America was fined US$1.21 billion as the US flagged suspected Chinese money laundering.