Bank of America fined $1.2bn for money-laundering failures
AI-generated briefing · First published
US bank failed to report over $5bn in suspicious transactions; regulators imposed record penalties and ordered independent reviews.
US regulators fined Bank of America more than $1.2 billion for failing to report over $5 billion in suspicious transactions and for long-standing anti-money-laundering deficiencies, sources 1, 2 and 3 said. [1] [2] [3]
The Treasury called the fine its third-largest ever and said more than $1 billion of the unreported activity involved national-security risks, including China-linked illicit finance and southwest-border networks; the bank admitted willful violations of the Bank Secrecy Act. [1] [2]
Bank of America said it has invested billions in compliance and will book a $1.2 billion non-tax-deductible expense that cuts third-quarter earnings by about 17 cents per share; its shares fell about 2 percent in after-hours trading. [2]
Sources
- Bank of America fined $1.2bn over money laundering failures
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