On October 13, 2026, the Treasury announced enforcement actions imposing more than $1.21 billion in penalties against Bank of America for violations of anti-money laundering and sanctions laws. The actions include a $1.2 billion penalty from FinCEN, a $750 million penalty from the OCC, and an $11.6 million settlement with the OFAC.

On October 8, 2026, the OCC announced a cease-and-desist order and a $350 million civil money penalty against American Express National Bank, Sandy, Utah, for deficiencies in the bank’s BSA and AML compliance program. The OCC found that the bank failed to establish and maintain a BSA/AML compliance program reasonably designed to assure and monitor compliance with the BSA and its implementing regulations.

On October 5, 2026, FinCEN announced that it is withdrawing two proposed rules that would have imposed certain regulatory requirements on financial institutions related to certain digital assets, specifically convertible virtual currencies. This action is part of ongoing efforts to ensure digital asset regulations are fit-for-purpose and in accordance with Trump Administration’s deregulatory agenda.

On October 1, 2026, FinCEN issued an Alert to urge financial institutions to be vigilant in detecting, identifying, and reporting suspicious activity, involving the A7 Network. The A7 Network is a global wholesale sanctions evasion and money laundering service with ties to Russia, leveraged by a wide range of illicit actors, including Iran and its terrorist proxies.

On October 1, 2026, the U.S. Department of the Treasury took unprecedented action against the A7 Network as part of Operation Economic Outcast. The A7 Network is a shadow banking network with ties to Russia used by the Iranian regime to evade sanctions. 

On September 16, 2026, FinCEN led a FinCEN Exchange with global financial institutions to advance Operation Economic Outcast. The event armed financial institutions with the information they need to identify and disrupt illicit financial flows and procurement operations supporting the Iranian regime.

On September 9, 2026, FinCEN issued a Financial Trend Analysis identifying approximately $17.5 billion in suspicious financial activity potentially linked to health care fraud. The Analysis reinforces the Trump Administration’s commitment to eliminating fraud, protecting taxpayers, and safeguarding the integrity of federal health care programs.

On September 8, 2026, FinCEN issued an Alert to assist financial institutions in identifying and reporting procurement networks supporting Iran’s aviation industry, which the Iranian regime uses to transport weapons, funds, and personnel in support of the Islamic Revolutionary Guard Corps (IRGC) and its terrorist proxies. In conjunction with the alert, OFAC sanctioned 36 targets, including 27 Iranian airlines, for supporting Iran’s aviation sector, which the regime uses to move weapons, personnel, and illicit cargo. 

On September 3, 2026, FinCEN published an analysis and an alert to financial institutions to be vigilant about digital asset investment scams perpetrated by overseas scam centers. According to FinCEN, these digital asset scams are largely driven by Southeast Asian criminal networks, which operate industrial-scale scam compounds and leverage vast networks of criminal actors to facilitate and profit from scams.