FinCEN announced a monumental $1.2 billion penalty against Bank of America for failing to mitigate key risks related to anti-money laundering compliance. This case marks a major signal for enforcement in the banking sector.
What changed
The enforcement action indicates stringent expectations for maintaining comprehensive AML programs and due diligence.
Compliance perspective
Financial institutions should assess their AML frameworks to avoid similar enforcement actions.
Key date
Effective date: October 13, 2026.
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.