From Bank Of America To Swedbank: List Of Global Banks Accused Of Money Laundering

Bank of America: It is not the first time a bank has been in the spotlight for foul play. Several global banks have faced regulatory action over failures to prevent money laundering.

Money laundering is not the only reason. Failing to monitor suspicious transactions and enforce financial sanctions can also land banks in trouble.

These cases show us how weak compliance systems can allow criminals to move illicit funds through the global banking network.

As a student of economics, you should always know how money moves and understand the consequences of banks' wrongdoings.

Why Is Bank of America in the Spotlight?

Bank of America is in the spotlight right now after US authorities announced penalties exceeding $1.21 billion on October 13, 2026. These penalties are related to anti-money laundering and sanctions violations.

Authorities said that the bank failed to report more than $5 billion in suspicious transactions. Not only this, but it also had serious gaps in its monitoring systems.

The action includes a record $750 million penalty from the Office of the Comptroller of the Currency (OCC).

Major Global Banks Linked To Money Laundering Cases

- TD Bank ($3.09 billion): In 2024, the bank pleaded guilty to US criminal charges and agreed to pay penalties over serious failures to monitor suspicious transactions.

- Danske Bank ($2 billion): Its Estonian branch processed approximately $230 billion in suspicious payments between 2007 and 2015, triggering major international investigations.

- Deutsche Bank: Named in the FinCEN Files, the bank appeared in reports highlighting suspicious transactions and weaknesses in financial crime monitoring.

- HSBC ($1.9 billion): In 2012, the bank agreed to pay US authorities over anti-money laundering failures involving drug cartel funds and sanctions violations.

- JPMorgan Chase: Named in the FinCEN Files, the bank appeared in suspicious transaction reports involving potential corruption and other financial crime risks.

- Standard Chartered: Faced substantial penalties for anti-money laundering control failures and violations of US sanctions involving international transactions.

- Wachovia Bank ($160 million): In 2010, the bank agreed to forfeit $160 million over failures to monitor transactions linked to Mexican currency exchange businesses and drug trafficking.

- Swedbank (4 billion Swedish kronor): The bank faced a major Swedish regulatory penalty over anti-money laundering shortcomings involving its Baltic operations.

Also Read: Top 10 Largest Banks in the World