US Treasury fines Bank of America $1.2bn (£905m) fine after it ‘wilfully violated’ anti-money laundering (AML) rules for a period of seven years after ignoring several warnings dating back to at least 2010.

The Bank failed to report more than $5bn (£3.7bn) of suspicious activity and ‘prioritised its revenues’ over compliance obligations, the Treasury said in a 95-page decision notice.

AML failings took place between January 2018 and July 2025, when the Bank ‘wilfully failed to implement and maintain an AML program that met several of the Bank Secrecy Act's (BSA) requirements’, the AML framework for US financial institutions.

The majority of the failings related to Chinese money laundering and cross border violations.