OCCBSA / AMLOctober 13, 2026

OCC Hits Bank of America with Record $750M BSA/AML Penalty

The OCC levied a historic $750 million civil money penalty against Bank of America for violations of the Bank Secrecy Act and its implementing regulations, the largest such penalty in OCC history. This action signals that regulators are prepared to impose landmark fines for systemic BSA/AML compliance failures, sending a clear message to all regulated institutions — including banks that partner with or provide services to crypto and fintech firms — that AML program deficiencies will be met with severe consequences.

What to do

Use this enforcement action as a trigger to conduct an immediate gap assessment of your BSA/AML program against OCC regulatory requirements (12 CFR 21.21 and 12 CFR 21.11), paying particular attention to transaction monitoring, suspicious activity reporting, and internal controls.

Who this affects

Bank / Credit UnionTrust CompanyMoney Services BusinessCrypto ExchangeCrypto CustodianFintech / Neobank

Does this affect your program?

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Source

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This radar entry is educational and does not constitute legal advice. Summaries are AI-assisted and grounded in the linked official source; always verify against the primary source and consult qualified legal counsel for jurisdiction-specific guidance.

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OCC

OCC Comptroller Highlights Community Bank Efforts to Fight Financial Fraud

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FinCEN

FinCEN Withdraws Proposed Rule Targeting CVC Mixing as AML Risk

FinCEN is withdrawing its Section 311 finding and proposed rulemaking that would have classified international convertible virtual currency (CVC) mixing as a class of transactions of primary money laundering concern, along with associated enhanced recordkeeping and reporting requirements. This means the specific regulatory burden proposed for CVC mixing transactions will not move forward. Compliance teams should note that while the formal rule is withdrawn, mixing activity may still carry AML risk warranting internal controls.

OCC

OCC Updates Cybersecurity Examination Work Program for Banks

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