Bank of America Fined $1.21 Billion for Failing to Flag Suspected Money Laundering Activities

Bank of America (BAC) stock fell 2.3% after hours due to a $1.21B regulatory fine for compliance failures. The penalty, the largest in OCC history, will reduce Q3 EPS by $0.17. This comes ahead of Q3 earnings, with analysts expecting EPS of $1.10–$1.11. The broader market was flat, with tech shares under pressure.

Bank of America (BAC) fell 1.14% to $53.96 after a $1.2B fine from the Treasury Department for anti-money-laundering violations. The bank expects a $0.17 EPS hit in Q3. S&P 500 and Nasdaq also declined slightly. Investors await BAC's earnings report.

Bank of America (BAC) was fined $1.2B by the US Treasury for anti-money laundering failures, including $5B in unreported suspicious transactions. The bank will record a $1.2B charge, cutting net income by $0.17 per share. BAC stock fell 2.2% in extended trading.

Bank of America was fined $1.21B by regulators for failing to report over $5B in suspicious transactions and other compliance failures. The penalty includes a $750M OCC fine, the largest in its history. The bank will take a $1.2B non-tax-deductible charge in Q3, reducing earnings per share by about 17 cents. According to the OCC, the bank's compliance program has widespread breakdowns, threatening U.S. national and economic security.

Bank of America (BAC) was fined $1.21 billion by the U.S. Treasury for failing to report over $5 billion in suspicious activity, including $1 billion related to national security risks. The bank's compliance program was deemed deficient, and the fine will reduce its Q3 net income by about 17 cents per share. Shares dropped 1.8% in after-hours trading.

The US Treasury fined Bank of America $1.2 billion for anti-money laundering and sanctions law violations, including failing to report $5 billion in suspicious transactions. The bank will take a $1.2 billion charge, reducing net income by 17 cents per share, ahead of its Q3 earnings report.