On October 13, 2026, FinCEN announced a $1.2 billion penalty against Bank of America for multiple violations of BSA/AML regulations.
What changed
This significant penalty emphasizes the need for strong AML compliance criteria.
Compliance perspective
All money service businesses need to reinforce their AML programs to mitigate similar risks.
Need help keeping up with these changes?
Tell us where you operate and what licenses you hold; we'll handle the filings and renewals so changes like this do not catch you off guard.