Economy
Bank of America Fined $1.2 Billion for Money-Laundering Oversight Failures
The penalty includes a record $750m civil penalty from the Office of the Comptroller of the Currency and will reduce the bank's third-quarter net income by roughly 17 cents per share.
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The essentials of this story
- What happened
- Bank of America was fined $1.21bn by U.S. regulators for anti-money laundering and sanctions compliance failures.
- Who is affected
- Bank of America, its shareholders, and U.S. financial regulators.
- What changes
- The bank must hire an independent third party to review past transactions, and it will incur a $1.2bn charge impacting its third-quarter net income.
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Sources
- Bank of America fined $1.2bn for money-laundering failures — The Guardian — negócios
- Bank of America hit with $1.2bn fine for money laundering failings — BBC News — negócios
- Bank of America Fined $1.2 Billion for Lax Money-Laundering Oversight — The New York Times — negócios
